For my two cents I believe it is more important to pick good muni's then to worry about the tax quirks. I'm not saying those things don't matter only that well prior to the tax issues is buying good assets. The reason I point this out is that I would rather have my monthly house payment going to savings rather than "benefiting" come tax time from the write off. The first is significantly larger that the later. Or put another way worrying about taxes prior to figuring out how to profit is putting the cart before the horse.If you have this already figured out then ignore the above.Researching individual muni's can be a real pain in the tail. They don't report filings like many corporates do. It takes leg work on our part to perform quality DD, simple google searches are not likely to cut it. Revenues matter, a significant shift in the local political landscape can alter prospects. Economic prospects for the area matter. Some communities are very flat through economic ups and downs others swing more radically then national numbers would suggest. I think Cali compares well to Greece. Neither can print their own money and inflate their way out of their problems. Both are dependent on the generosity or fear of other entities to keep them solvent. Greece seems to have made significant strides in "austerity measures" I can't say the same for Cali. Both are currently capable of making the minimum payment on their debt. Both are one more slip from an ugly spill. How will it all turn out? I don't know.jack
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