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"