From Friday's Wall Street Journal:

Out of State Owners Could Face Tax Bill

A New York court ruled last month that all income earned by a New Canaan, Conn., couple is subject to New York state taxes because they own a summer home on Long Island they used only a few times a year. They have been hit with an additional tax bill of $1.06 million. (Link to full article here)

Just when you thought the housing market couldn't get any more depressed, along comes the New York State Department of Revenue, turning the Hamptons into Asbury Park!