2017 : Government
Congress Eliminates Second Home Interest Deduction
In the era of big deficits and low taxes, the deduction of second home mortgage interest payments was eliminated. As a result housing prices in the Park drop somewhat.
Influenced Scenarios
Evidence
Trump Tax Bills Hits Homes
Real estate tax deductions are capped. Mortgage interest deductions are capped. It isn't clear how much it will impact the Adirondack market.
Read a summary of the tax bill here.
Second Home Tax Deduction Popular in Congress
It turns out that members of Congress are among the larger beneficiaries of the second home mortgage deduction, so that suggests it is here to stay.
Read this Bloomberg article on the topic from July 2013 and you get a different perspective on the issue.
Read this Bloomberg article on the topic from July 2013 and you get a different perspective on the issue.
For Congress Eliminates Second Home Interest Deduction
For Congress Eliminates Second Home Interest Deduction