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I obviously missed the distinction, given that he used the term "mortgage" in the original post, the post to which I was responding. I automatically think of a mortgage as the primary loan, unless it is specifically specified as a second mortgage. Home equity means to me the value of the property minus encumbrances, most likely loans. The title of the post was "rational home equity policy," which some of us might believe deals with the common issue of whether to retire a RE loan or invest the proceeds.

Still, capping interest deductiblitiy at loans of $100K or less might be a sly way to raise taxes on the great unwashed from the blue counties. Hell, a $100K in Neb might buy enough land that it can be claimed as a farm, on which you might be paid for not growing some crop.

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