[quote=squat250]I recall being afraid that the mortgage interest deduction would be yanked as soon as I bought a house. I believe I was told not to worry about that.
Well.
It is always best to expect[/quote]
There is another mortgage interest deduction. It is in schedule-E. All you have to do is rent out the house you own to someone else and start renting identical house nearby. You can not only deduct mortgage interest but also HOA, insurance and everything else. No one is proposing to take that away 🙂
The above is precisely why removal of mortgage interest deduction will not result into meaningful increase in tax revenue in the very long term. People’s preferences will just shift to renting because that will become the most tax efficient arrangement in the society.
