After the Obama Administration’s 2010 budget was released last week, housing industry experts quickly scoured the details for anything that would adversely affect homeowners. We were especially interested in how it would affect Myrtle Beach real estate owners.
As currently drafted, the plan changes the Mortgage Interest Deduction by reducing the amount of mortgage deductibility on homeowners earning over $250,000. Since a large percentage of Myrtle Beach second home and investment property owners are higher wage earners, we at Price & Company Realty are vehemently opposed to this provision of the budget.
At best, this proposed change to the Mortgage Interest Deduction will eliminate one of the most attractive tax benefits of owning more real estate than just a primary home. At worst, a second credit crisis could emerge before the first one is resolved, and this one would hit vacation destinations (like Florida, California and Myrtle Beach) especially hard, at a time when we can ill afford it.
We urge you to voice your opinion to your elected leaders.
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