Tax Deductions on Second Home Mortgage To Go?

Las Vegas Valley attracts second-home buyers from across the country and the globe. The jet-setting globe-trotting millionaires and multi-millionaires love the Las Vegas lifestyle of glitz and glamour, the casinos, the hotels, the resorts and much more. They invest in second-homes in Las Vegas both for the booming economy and also to savor Las Vegas.

But a recent move to cut the federal tax deduction on mortgages might put a damper on the second home market in Las Vegas. The President's Advisory Panel will discuss this measure for the vacation homes, investment properties and home-equity loans. Many of the biggest housing projects in Las Vegas, the luxury condos and high rises of MGM, Trump and even the latest Las Ramblas are aimed at the second-home market.

If this measure is approved many investors would no longer be interested as their biggest tax benefits will go. Though the rich can afford to buy second homes with out being bothered by such considerations they still make buying decisions based on the tax benefits.

If a policy decision on removing tax benefits on second homes is taken then it will have serious repercussions for the Las Vegas market.