Boston Tax Hit From Office Market Slump Swells to $1.7 Billion
Office buildings have been selling at steep discounts recently, signaling a deeper-than-expected spiral in an market that's struggled with the persistence of hybrid work and higher interest rates, according to a report on Thursday from Tufts University's Center for State Policy Analysis and the nonprofit Boston Policy Institute.
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12 hours ago
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Privateer Rum CEO Andrew Cabot was on overseas work trip when his wife was embroiled in Coldplay ‘kiss cam' scandal: source
Privateer Rum CEO Andrew Cabot was on an overseas business trip when his wife, Kristin Cabot, was caught canoodling at a Coldplay concert — and the couple's relatives were likewise blindsided by the scandal, a source close to the situation told The Post. The tipster said Andrew Cabot, founder of the Massachusetts-based, high-end liquor maker, had been on a work-related trip to Japan and returned to find himself and his family in the middle of a social media firestorm. [Andrew] was in Asia for a few weeks and returned on Saturday, so he was gone while all this went down,' said the source, who requested anonymity to discuss the situation. 'Poor guy.' Multiple attempts to contact Andrew Cabot and Privateer Rum went unanswered. When The Post called Privateer Rum, the company's voicemail box was full. Kristin and Andrew Cabot married sometime after her previous divorce was finalized in 2022. The source said there had been little indication of any trouble in paradise before the Coldplay concert video went viral. 'The family is now saying they have been having marriage troubles for several months and were discussing separating — which I find interesting since as of a month ago they were saying how in love they are,' the source added. The Post was first to report that Kristin Cabot, whose maiden name in Stanek, was married to Andrew Cabot and that the pair had purchased a $2.2 million mansion in Rye, New Hampshire, just five months before the scandal broke out. The Cabots were seen smiling and wearing wedding rings alongside two young kids in a Facebook post from May 2024. Andrew Cabot is a member of one of the oldest and wealthiest families in Boston. The Cabots are one of the original 'Boston Brahmin' clans that controlled New England for centuries. A bio on Privateer's website says his 'ancestor, the original Andrew Cabot (1750-1791), was a merchant, rum distiller and successful American privateer during the American Revolution.' The brand — whose high-end bottles can retail for upward of $100 each — touts its strict use of authentic ingredients and 'Made in the USA' pedigree. 'One thing is certain,' one ad advises. 'Privateer advocates transparency, honesty and purity.' Kristin Cabot's now-deleted LinkedIn account showed that she has served as an 'advisory board member' at Privateer Rum since September 2020. Andy Byron, the now-ousted CEO of New York-based software firm Astronomer, was caught canoodling on the jumbotron 'kiss cam' at Gillette Stadium with Kristin Cabot, the company's head of HR. Both scrambled to get out of sight, prompting Coldplay frontman Chris Martin to joke, 'Either they're having an affair or they're just very shy.' Astronomer placed both Kristin Cabot and Byron on leave while it investigated the incident. By last Saturday, Byron had resigned, with Astronomer co-founder Pete DeJoy taking over as the new interim CEO. So far, Kristin Cabot has yet to be fired. Solve the daily Crossword
CNBC
16 hours ago
- CNBC
With Trump ‘thinking about' no capital gains taxes on home sales, here's how to lower your bill now
As President Donald Trump weighs ending capital gains taxes on home sales to bolster the housing market, experts say it's possible to lower your bill without legislative changes. When asked about the idea this week in the Oval Office, Trump told reporters, "we're thinking about that." Under current law, you can trigger capital gains taxes for a primary home sale if your profit exceeds $250,000 for single filers or $500,000 for married couples filing together. More from Personal Finance:Trump floats 'no tax on capital gains' for home sales. Here's who could benefitStudent loan forgiveness paused for borrowers on IBR plan. Here's what to knowBack-to-school shopping is more expensive this year — here's the breakdown If your home sale profit is above $250,000 or $500,000, you pay capital gains tax of 0%, 15% or 20%, depending on your taxable income. (You calculate taxable income by subtracting the greater of the standard deduction or itemized deductions from adjusted gross income.) Some higher earners also owe a 3.8% surcharge, known as net investment income tax, on home sales profits above the thresholds. While home prices have soared over the past couple of decades, most sellers are under the $250,000 or $500,000 profit thresholds, experts say. Those impacted are typically "older homeowners, people who have been in their house for many, many years," said William McBride, chief economist at the Tax Foundation. Roughly 34% of homeowners could exceed the $250,000 threshold for single filers, and 10% could be above the $500,000 limit for married couples filing jointly, according to a 2025 study from the National Association of Realtors, which has advocated for capital gains reform for home sales. If you're planning to sell your home and expect profits above the thresholds, here are some ways to lower your capital gains tax bill, experts say. Many home sellers don't know they can trim capital gains by increasing their "cost basis," or the home's original purchase price, according to Boston-area certified financial planner Catherine Valega, founder of Green Bee Advisory. She's also an enrolled agent, which is a tax license to practice before the IRS. You can increase your basis by adding "capital improvements," such as renovations that "improve the resale value of your home," she said. Some examples of these updates include room additions, landscaping, or adding new systems, according to the IRS. However, capital improvements do not include repairs and maintenance that are "necessary to keep your home in good condition," such as repainting, fixing leaks or replacing broken hardware, the agency said. Regardless of whether the law changes, you should keep records of your home's capital improvements, which could help lower taxes when you sell, Valega said.
New York Post
18 hours ago
- New York Post
Privateer Rum CEO Andrew Cabot was on an overseas work trip when Coldplay 'kiss cam' scandal broke: source
Privateer Rum CEO Andrew Cabot was on an overseas business trip when his wife Kristin Cabot was caught canoodling at a 'Coldplay' concert – and the couple's relatives were likewise blindsided by the scandal, a source close to the situation told The Post. The tipster said Cabot, the founder of the Massachusetts-based, high-end liquor maker, had been on a work-related trip to Japan and returned to find himself and his family in the middle of social media firestorm. [Andrew] was in Asia for a few weeks and returned on Saturday, so he was gone while all this went down,' said the source, who requested anonymity to discuss the situation. 'Poor guy.' Advertisement 5 Kristin Cabot pictured with Andrew Cabot in 2024. Maud Cabot/Facebook Multiple attempts to contact Andrew Cabot and Privateer Rum went unanswered. When The Post called Privateer Rum, the company's voicemail box was full. Kristin and Andrew Cabot married sometime after her previous divorce was finalized in 2022. The source said there had been little indication of any trouble in paradise before the Coldplay concert video went viral. Advertisement 'The family is now saying they have been having marriage troubles for several months and were discussing separating – which I find interesting since as of a month ago they were saying how in love they are,' the source added. 5 Andrew Cabot is part of one of the oldest and wealthiest families in Massachusetts. Boston Globe via Getty Images The Post was first to report that Kristin Cabot, whose maiden name in Stanek, was married to Andrew Cabot and that the pair had purchased a $2.2 million mansion in Rye, New Hampshire just five months before the scandal broke out. The Cabots were seen smiling and wearing wedding rings alongside two young kids in a Facebook post from May 2024. Advertisement Andrew Cabot is a member of one of the oldest and wealthiest families in Boston. The Cabots are one of the original 'Boston Brahmin' clans that controlled New England for centuries. 5 The home of Andrew and Kristin Cabot in Rye. LP Media A bio on Privateer's website says his 'ancestor, the original Andrew Cabot (1750-1791), was a merchant, rum distiller and successful American privateer during the American Revolution.' The brand — whose high-end bottles can retail for upwards of $100 each — touts its strict use of authentic ingredients and 'Made in the USA' pedigree. Advertisement 'One thing is certain,' one ad advises. 'Privateer advocates transparency, honesty and purity.' 5 Andy Byron (3rd from left) and Kristin Cabot (far right) in an undated photograph. Bain Capital Ventures Kristin Cabot's now-deleted LinkedIn account showed that she has served as an 'advisory board member' at Privateer Rum since September 2020. Andy Byron, the now-ousted CEO of New York-based software firm Astronomer, was caught canoodling on the jumbotron 'kiss cam' at Gillette Stadium. wit Kristin Cabot, the company's head of HR. Both scrambled to get out of sight, prompting Coldplay frontman Chris Martin to joke, 'Either they're having an affair or they're just very shy.' 5 Andy Byron and Kristin Cabot were caught canoodling at a Coldplay concert. Grace Springer via Storyful Astronomer placed both Kristin Cabot and Byron on leave while they investigated the incident. By last Saturday, Byron had resigned, with Astronomer cofounder Pete DeJoy taking over as the new interim CEO. So far, Kristin Cabot has yet to be fired.
