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But that's the home deduction. Apartment buildings, for example, are investment property for which mortgage interest is a deductible expense. https://www.irs.
by dkresge 10y ago
But that's the home deduction. Apartment buildings, for example, are investment property for which mortgage interest is a deductible expense. https://www.irs.gov/publications/p527/ch01.html https://www.irs.gov/publications/p527/ch01.html
- ubernostrum 10y agoThen you concede that taking away the home mortgage interest deduction (making the homeowner-who-resides-in-the-owned-home and the renter equal for tax purposes) would not drive up rents, and your original comment was at worst wrong and at best a non sequitur.
- dkresge 10y agoI'm positing false equivalence. Taking away the home mortgage interest deduction would make the homeowner and renter unequal. Doing so would not drive up rents, just as eliminating the mortgage deduction on investment property wouldn't impact house prices.
- ubernostrum 10y agoYou said: How would a renter feel if their rent increased because their landlord was unable to take a mortgage deduction? I countered that the home mortgage interest deduction doesn't apply to rental properties. Renters and homeowners are thus currently unequal from a tax standpoint, since renters effectively pay a higher tax rate than homeowners. Removing the deduction would thus not create a new inequality; it would remedy an existing one.
- dragonwriter 10y agoThe home mortgage interest deduction specifically doesn't, but mortgage interest on rental properties is still generally deductible. https://www.irs.gov/publications/p527/ch01.html https://www.irs.gov/publications/p527/ch01.html