William B Vogt wrote:

>   3.  Limitations on tax advantage.  There is a pretty strict limit on how
>       much home equity interest can be deducted for non-home-improvement
>       reasons.  My recollection is that, if you have more than $100K in
>       mortgage debt, then you can deduct $0 in non-home-improvement
>       related interest.  Furthermore, people with small mortgages may not
>       even itemize on their returns, rendering the advantage void.  So,
>       the relevant people are those with a mortgage big enough to make it
>       worth itemizing but small enough that the tax advantage exists.

I've never heard of this.  Does anyone know more?

            Prof. Bryan Caplan               [EMAIL PROTECTED]    

  "What a lot of trouble to prove in political economy that two and
   two make four; and if you succeed in doing so, people cry, 'It is
   so clear that it is boring.'  Then they vote as if you had never
   proved anything at all."
          --Frederic Bastiat, "What Is Seen and What is Not Seen"

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