Is Las Vegas becoming Los Angeles 2.0?
"What I think pushed people over the edge" in California was government mandates that impacted them and their children in school, he said. "When you lose your options and things get mandated by the state, it becomes less enticing to be there no matter how beautiful it is."
Sher said anecdotally pre-COVID about 20 percent of his clients were from California, but that number jumped to around 80 percent during the tail end of the pandemic. Now roughly 60 percent of his clients are from California, he said.
Earlier in the year, Zonda ranked the Las Vegas Valley as the eighth-hottest market for luxury homebuyers, beating out such cities as Los Angeles and Boston. The top spot for high-end buyers to start 2025 was Charleston, South Carolina.
The influx of wealthy Californians drawn by a tax friendly, pro-business and less regulatory and bureaucratic environment has been well documented, and it has produced blowback from residents who worry Nevada will start looking like the Golden State.
When Sher talks about Las Vegas becoming Los Angeles 2.0, he doesn't mean it in a negative way. He said his clients who are relocating from California realize why they are coming to Nevada.
"What I can tell you is the people leaving California don't like what it's become and are looking for a different lifestyle and different opportunities and different economics, and so those people coming to Las Vegas are aware of how it can be, and don't want to go back to that," he said.
From 2020 to 2023, nearly 158,000 Californians relocated to Nevada, making up 43 percent of all new residents of the Silver State in that period, according to data from the Nevada Department of Motor Vehicles.
Sher's brokerage, IS Luxury, recently opened an office on Newport Drive in Orange County, California. He currently has approximately 37 active listings, with 43 percent priced over $5 million and 30 percent over $10 million. In addition, he has several off-market listings pending that are priced above $10 million.
So far in 2025, Sher has closed 21 transaction worth a combined $103 million - 16 on the listing side and five on the buyer side - with an average price point of $4.1 million.
A recent Concierge Auctions study found that the average price of an "ultra luxury" home in the Las Vegas Valley, defined as the 10 most expensive sales in a given market, jumped 107 percent from 2019 through 2024.
Sher said Las Vegas is going through a rebranding, turning into a "cosmopolitan" destination that caters to a wide range of people and not just the traditional casino and gaming sector.
He also pointed to the potential movie studio in Summerlin backed by Sony Pictures Entertainment and Warner Bros. Discovery Studio. He said Hollywood's move to Las Vegas most definitely won't mimic California's policies and political stances
"If it's (Hollywood) 2.0, they have to learn from their mistakes," he said. "Nobody wants to replicate what they're leaving California for. They want to do a 2.0 version, they want to think things through."
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Yahoo
an hour ago
- Yahoo
‘Vegas is not fun anymore': $9 cups of coffee and pricier rooms are steering travelers away from the vacation mecca
For decades, Las Vegas was considered a destination of bargains galore, offering 99-cent shrimp cocktails, $10 steak dinners and shows that cost no more than the price of a drink. But those days are long gone. Instead, think $9 cups of coffee, $100-a-person buffet spreads and a movie ticket that can set you back a whopping $279. 'Vegas is not fun anymore': $9 cups of coffee and pricier rooms are steering travelers away from the vacation mecca 'He cannot match my spending': I'm 65 and have $7 million. My boyfriend is 73. Should he release equity from his home so we can enjoy retirement? America's 63 million family caregivers are mostly unpaid, stressed and begging for help Dow left behind as S&P 500 soars to record after record. What gives? 'His income is limited': Should I pay $800 a month towards my husband's $67,000 student debt? It's prices like these that have some Vegas regulars saying the tourist and gambling mecca has lost its appeal. 'Vegas is not fun anymore,' said Amrita Bhasin, a retail-industry entrepreneur who has traveled there frequently for business as well as pleasure. Her pet financial peeve? The resort fees that hotels charge, which she said can add as much as $50 a day to the tab. Such complaints are coming at a time when Vegas has seen a sizable drop in visits. In June, hotel occupancy rates fell 14.6% versus the prior year, according to CoStar, a global provider of real-estate data, analytics and news. They were down 12.3% for the current month through July 19. Among the city's major hotel and gaming operators are such corporate giants as Caesars Entertainment CZR and MGM Resorts International MGM. Both companies declined comment for this story. Vegas tourism officials don't deny that the city is going through a dry spell, but they say it's reflective of tourism declines nationwide, particularly as foreigners hesitate to come to the U.S. 'Very little of the drop is a Vegas issue,' said Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority. Hill pointed to a significant decline in travelers from Canada as a critical factor, since Canadians have traditionally been the city's biggest international market. Specifically, Hill said the number of Canadian visitors has declined around 20% in Las Vegas. That dovetails with a broader U.S. trend, which shows a decline of nearly 19% in visits by our northern neighbors. David Cárdenas, a tourism expert who teaches at the University of Nevada's William F. Harrah College of Hospitality in Las Vegas, said foreigners are staying away from Vegas and other U.S. destinations for a host of reasons, from weak exchange rates to concerns about U.S. immigration policies under President Donald Trump. Canadians have also been particularly incensed over Trump's comments about making the country the 51st U.S. state, as has been widely reported, and that may be playing a role in their decision not to travel to the U.S. But plenty of travelers say Vegas has simply become a budget buster. And hospitality experts who know the city say the high costs are definitely a factor in the tourism slump. Philip Knott, an asset-strategy adviser and hospitality executive who has worked for companies operating and investing in Vegas, is one of those who view it that way. 'Vegas is now seen as overpriced,' he said, pointing to everything from expensive dining to hidden charges at hotels. 'All of those things are impacting booking.' 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This middle-class New York town is experiencing a sudden wealth boom: Study shows surge of residents getting rich — quick
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Tax Breaks: The All Work And A Little Bit Of Play Edition
Las Vegas, Nevada, USA at the Welcome to Las Vegas Sign at dusk. getty I started to write this week's newsletter while I was in Las Vegas—it was the last stop on my multi-conference tour. (If I owe you a return call or an email, this is totally why.) There were so many highlights—from speaking about the One Big Beautiful Bill Act to sharing details about my volunteer income tax assistance experience (VITA) in Alaska and other pro bono opportunities like the Chester County Mobile Home Assessment Project to co-hosting a fun tax trivia game (newsletter readers would have been at a clear advantage in that one). The biggest thrill, of course, was meeting so many tax professionals (including current and former IRS employees), taxpayers, and readers. I'm often asked where I can get my inspiration for my articles, and that's the answer—it's you. Whether you're a tax professional getting a fingerprinting notice or a taxpayer struggling to understand a collection notice, you're likely not the only one on the receiving end of that issue. And as the IRS shrinks (more on that in a moment), it will be up to us as a community to make sure not only that we share more information with each other, but that we share the best, timeliest, most accurate information possible. That's what I try to do each week. It's not lost on me that you have a lot of choices, and that your time is valuable. It means a lot to me that you choose to click through our newsletter. Thank you. Now, let's get into it. Increasingly, companies have been asking (or demanding) that employees return to the office, claiming that it fosters a stronger company culture and enhances productivity. To woo employees back, or to make sure they're not angry/hangry when ordered back, companies have been expanding perks such as on-site gyms, childcare facilities, and, of course, free food and beverages. Beginning January 1, the food part will be more expensive for employers, meaning more of them could revert to B.Y.O.S. (Bring Your Own Snacks). Congressional Republicans, who extended so many other tax breaks (and added some new ones) in the One Big Beautiful Bill Act (OBBBA) President Donald Trump signed on July 4th, decided they would allow a current deduction for employers who provide meals and snacks to expire—except that is, for certain employees, such as those working in restaurants and in Alaskan fishing vessels and fish processing facilities. (No, we're not making it up. The fishy part was one of the concessions Alaska Senator Lisa Murkowski extracted from her Republican colleagues for her crucial support.) Another perk at work—but one that's not going anywhere—is a retirement account. The rules surrounding retirement accounts? That's another story since they are constantly changing. Retirement account owners above a certain age are required to take annual distributions from their accounts, known as required minimum distributions (RMDs). Failure to take the full distribution can incur a penalty. But there's some good news: the penalty was recently reduced. Thanks to a recent law, the penalty is now only 25% of the amount that should have been distributed but wasn't, instead of the longstanding 50%. In addition, the penalty can be reduced to 10% if the mistake is corrected in a timely manner, and the penalty can be avoided completely by convincing the IRS to waive it because you had a reasonable cause for missing the RMD. As you can tell, RMDs from IRAs and 401(k)s can become a major tax burden during retirement—but you may be able to turn the tables and change RMDs from burdens into opportunities. But it takes planning. There are strategies to optimize your RMDs, including taking your RMD as a qualified charitable distribution, which would reduce taxable income. The QCD is usually the best way for those older than age 70½ to make charitable gifts. You can find more strategies (for traditional retirement accounts, not Roth accounts) here. Speaking of retirement, Forbes has posted its list of the Best Places To Retire Abroad In 2025. The list of top 24 countries from Albania to Thailand, includes 96 recommended spots, based on costs, amenities, health care, language, crime, climate risk, and whether U.S. retirees are welcome. (Did your favorite spots make the list? Let me know!) If you're not sure about making a move, check out the Forbes guide to planning a foreign retirement, with real-life examples, including Baltimore-reared Larry Swift, who, at age 59, relocated with a partner to Thessaloniki, the second largest city in Greece, 300 miles north of Athens. The rent on his large three-bedroom apartment is almost $4,000 a month, but he has a view of the Aegean Sea, was able to get rid of his car, and finds the overall cost of living manageable. Plus, he says, 'The food is great.' Of course, you don't have to move abroad to save on taxes. Just ask In-N-Out CEO Lynsi Snyder, who is relocating to Tennessee and taking a brand-new In-N-Out corporate office with her. According to Fortune, Snyder broadly references the business environment that In-N-Out faced in California as tricky to navigate. On the flip side, Forbes ranks Tennessee as the 7th most business-friendly state in the U.S. Here's a look at three key tax benefits of In-N-Out's move to Tennessee. Fun fact: I've never been to an In-N-Out. We didn't have one in my hometown, and I believe I'm legally required to only frequent Wawa while in Pennsylvania. I'm always fascinated by the kinds of goods and services that we frequent—loyalty can take you pretty far. A 2024 survey found that 80% consumer communities (like students, teachers, or the military) identify more strongly with their community than they do with their age group, political affiliation, or where they live. I get that. My tax community—that's you—is where I'm most comfortable. Our goal at Forbes is to continue building that community, and we have a few plans in motion to make that happen. Keep an eye out in future editions of the newsletter—we'll share those details as soon as we're able. Enjoy your weekend, Kelly Phillips Erb (Senior Writer, Tax) Questions You may be able to deduct your gambling losses. getty This week, a reader asked: I'm really interested in the people who are complaining about gambling limits in the new tax law. I didn't even know that you could deduct your losses at all! How does that work? Casual gamblers—those who aren't in the trade or business of gambling—must report and pay taxes on any winnings. Winnings include those from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips. Under current law, you can also deduct your gambling losses, but only if you itemize your deductions on Schedule A. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Importantly, you must keep a record of your winnings and losses. Here's an example. Let's assume you have winnings of $50,000 and losses of $50,000. You can deduct all of your losses. (Professional gamblers—those who consider gambling to be their trade or business—report their gambling activity on Schedule C. Professional gamblers have the benefit of deducting ordinary and necessary business expenses in addition to losses. Any net income is subject to self-employment taxes.) Under the One Big Beautiful Bill Act, beginning in 2026, you can deduct only up to 90% of the amount of your losses during the taxable year (you can still deduct your related business expenses if you were a professional gambler). Here's an example: Let's assume you have winnings of $50,000 and losses of $50,000. You can only deduct $45,000 in losses (90% of $50,000). That means you are paying tax on $5,000 of income even though you broke even at the slots/table/casino. You can see why high-dollar gamblers in particular, are incensed: this has the potential to add thousands (or more) to their tax bill. As noted in a previous newsletter, members of Congress are already walking the provision back. Rep. Troy Nehls (R-Texas), who voted yes on OBBBA, is cosponsoring legislation to reverse the provision. Do you have a tax question that you think we should cover in the next newsletter? We'd love to help if we can. Check out our guidelines and submit a question here. Statistics, Charts, and Graphs The IRS workforce dropped from 103,000 employees in January 2025 to approximately 77,000 in May 2025 (a 25% reduction). Those numbers, which have been previously reported, have now been confirmed by the Treasury Inspector General for Tax Administration (TIGTA). According to IRS records, more than 25,000 employees either separated, accepted a deferred resignation program offer, or took some other incentive to leave. These departures represent 25% of the IRS's workforce—and some job positions were impacted more than others. For example, approximately 27% of tax examiners (they review and process tax returns) and 26% of revenue agents (they conduct audits) left the agency. IRS employee reductions, by business unit. Kelly Phillips Erb Business units at the IRS were impacted at different rates. The top six business units affected by the cuts are: Small Business/Self-Employed (SB/SE) helps small business and self-employed taxpayers understand and meet their tax obligations. SB/SE reported a 35% reduction. The Human Capital Office (HCO) supports IRS employees with Human Resource topics. HCO reported a 28% reduction. Information Technology (IT) supports IRS employees by delivering IT services and solutions. IT reported a 25% reduction. Tax Exempt & Government Entities (TE/GE) helps taxpayers with pension plans, exempt organizations, and government entities comply with tax laws. TE/GE reported a 25% reduction. Taxpayer Services (TS) helps taxpayers understand and comply with tax laws. TS reported a 20% reduction. Large Business and International (LB&I) helps corporations and partnerships with assets greater than $10 million to comply with tax laws, including emerging international issues. LB&I reported a 19% reduction. Every state and the District of Columbia and Puerto Rico have been impacted by the reductions. A Deeper Dive U.S. shareholders with interests in controlled foreign corporations may see a change to tax bills after the One Big Beautiful Bill Act. getty While several individual income tax provisions of the One Big Beautiful Bill Act (OBBBA) like 'no tax on tips' have been in the headlines, a set of notable changes to the existing Global Intangible Low-Tax Income ('GILTI') inclusion rules have largely been overlooked—even though they could impact individual taxpayers. GILTI is part of the international tax system. Before the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA), many U.S. shareholders with interests in controlled foreign corporations ('CFCs') could defer income tax on the CFC's non-passive or 'active' trade or business income. A CFC is a foreign corporation registered and operating in a jurisdiction different from that of its controlling owners. In the U.S., this means a company where at least half of its shareholders are U.S. shareholders, based on voting power or the total value of the company (other rules may apply). Before the TCJA, instead of paying income tax on the CFC's business income each year, U.S. shareholders paid income tax only when the funds earned from the CFC's business were repatriated to them in the form of a dividend. The TCJA modified the deferral rules, requiring U.S. shareholders to report most active business income of a CFC as a GILTI inclusion, even if the funds were never repatriated to the U.S. (If this sounds familiar, it's related to the repatriation tax provisions raised in a recent Supreme Court case, Moore v. U.S.) OBBBA makes several important revisions to the GILTI framework. As an initial matter, it eliminates the GILTI inclusion reduction for a net deemed tangible income return (NDTIR). Because foreign corporations no longer receive an NDTIR for eligible depreciable assets, U.S. shareholders may see an increase in Net CFC Tested Income and as a result, an increase in tax. OBBBA also permits U.S. corporate shareholders (or individual shareholders with a Code section 962 election) to claim a deemed foreign tax credit with respect to the Net CFC Tested Income amounts—these shareholders may claim an increased 90% of the foreign taxes allocable to the income. 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Registration required (discounts available for some partner groups). 📅 September 17-18, 2025. National Association of Tax Professionals Las Vegas Tax Forum. Paris Hotel, Las Vegas, Nevada. Registration required. Trivia Which Las Vegas casino opened on December 26, 1946, followed by a three-story hotel on March 1, 1947, and is now considered the oldest continuously operating resort on the Strip? (A) Caesars Palace (B) Flamingo (C) Sahara (D) Tropicana Find the answer at the bottom of this newsletter. Positions And Guidance The IRS issued a memorandum highlighting changes aimed at reducing case cycle times for corporate taxpayers. 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The public-private partnership has worked together since 2015 to protect the tax system and taxpayers from identity theft and fraud. The IRS has published Internal Revenue Bulletins 2025-30 and 2025-31. The IRS reminds Business Tax Account (BTA) users that Designated Officials must revalidate their accounts by July 29 to maintain access. Designated Officials who do not revalidate their accounts by July 29, 2025, will need to request access to the account again, either as a Designated Official or as a user of another type. Noteworthy Thirty-seven percent of Americans have experienced fraudulent activities after being personally and/or professionally impacted by a natural disaster, according to a recent survey conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA). The most common activity reported was identity theft. In a recent survey conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA), Americans were asked which type of tax filing and payment relief would be most helpful after experiencing a natural disaster. Thirty-five percent say it would be helpful to have the IRS further extend the tax relief (i.e., extension on filing taxes and payment) beyond what was initially provided when the state of emergency was declared. If you're considering buying an electric vehicle (EV), you may want to act soon. The federal tax credit of up to $7,500 for new EVs and up to $4,000 for used EVs expires on September 30, 2025. Taxpayers are reporting that the IRS is sending out late filing notices even when taxpayers are on extension. This includes taxpayers in federally declared disaster areas where tax relief includes automatic extensions. The IRS has been notified of the issue. SolomonEdwards, a professional services firm focused on solving critical business challenges for companies undergoing growth, change or compliance-driven events, announced the promotion of Carissa Robb to managing partner of its Banking & Financial Services (BFS) practice. Katten announced that Loren R. Lembo has joined as a partner in the firm's Transactional Tax Planning practice based in the New York office. Lembo focuses her practice on domestic and international tax matters in the financial services space. The Tax Law Center is launching a project focused on rebuilding and remaking the federal tax administration system, following significant losses in IRS workforce and leadership, broad deregulation efforts benefiting special interests, violations of taxpayer privacy, and attempted interference in audits. The project will provide analysis, recommendations, and blueprints in areas including improving legal structures and norms to protect taxpayer privacy, strengthening IRS funding levels and mechanics, engaging in guidance on the new tax law, and responding to deregulatory actions. — If you have tax and accounting career or industry news, submit it for consideration here or email me directly . In Case You Missed It Here's what readers clicked through most often in the newsletter last week: You can find the entire newsletter here. Trivia Answer The answer is (B) Flamingo. neon sign for Flamingo hotel, Las Vegas, NevadaThe Flamingo Las Vegas is the oldest hotel and casino still in operation on the Strip, followed by the Sahara (1952), Tropicana (1957) and Caesar's Palace (1966). The Flamingo was launched by Billy Wilkerson, founder of The Hollywood Reporter, who financed the project with mobsters, including Benjamin "Bugsy" Siegel. Siegel was killed by an unknown shooter in June 1947 while he was at his girlfriend's home. His girlfriend at the time was Virginia Hill (an urban legend suggests that her nickname was "Flamingo" due to her long, thin legs, which led to the name of the hotel, although this has been largely discredited). A few years after Siegel's death, in 1954, a grand jury indicted Hill on four counts of tax evasion—she was accused of not paying $227,000 in tax ($2,721,983.16 in today's dollars). She fled to Europe to avoid jail. Feedback How did we do? We'd love your feedback. If you have a suggestion for making the newsletter better, submit it here or email me directly.
