by astrid follow (0)
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All things being equal, the mortgage deduction would certainly be a factor in the rent/buy calculation.
But, as has been eloquently pointed out many times on this and other fora, all things are currently NOT equal.
I think the mortgage deduction for OO's in the US plays the same part as the building depreciation allowance for RE investors in Australia. It is a selling point for the Realtor (tm) to trot out.
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Home buyers frequently cite the mortgage deduction as one of the primary reasons for home ownership. Do you think this is a reasonable argument? Do you think additional considerations such as interest rate and pricing would affect the validity of the argument and if so, in what direction?
Secondly, many here have argued that Prop 13 and the $250,000 per person per home appreciation exemption played a much greater role in fueling the current housing bubble. Do you agree?
Your thoughts on the AMT? Was it created by the devil? Has it asked for your first born? Did the AMT invent granite countertops?
#housing