Home Mortgage Deduction

[Martin Hash]

Some people insist your “home” is not an investment, and should be treated differently, tax-wise, than other investments, but it already is. You guys are aware that you can deduct your home's Property Taxes on Schedule A, and Home Mortgage interest expense is also deductible. Proposition 13 in California, and similar laws in other States, fix the value of a house at the price a family bought it until it is sold. Also, disable veterans in some counties don't have to pay Property taxes at all! These are some the Middle Class “tax loopholes” the Flat-taxers are always trying to close. This works well for retired people, people on fixed incomes, but not so well for the people who do have to pay modern Property Taxes because theirs must be at a much higher rate, so essentially the Millennial generation, the one raising children, is transferring wealth to the usually better off older generations.