Tax Deduction Under Fire for 'McMansions'

Very true, my 2500 sf house is much more efficient than my parents' 1500 sf home build in the 60s.

 

A 3000 square foot home in LA for 450k? Is that in Compton, or Watts?

 

a 3000 sq foot place near where im at runs a mil.

 

I've read that you can only deduct the mortgage interest from your residence and one other home.

 

around 1000 as sq ft in Manhattan.

To me, 3000sq ft seems large. The tax is based on expected energy use not just to tax the wealthy.

It does seem a bit random; there should be some clause that allows those whose home is energy efficient to still claim the deduction.

That number would be very low; most homes don't use any

 

This would basically nail all the middle class folks of suburbia that pay most of the taxes anyways.

A 3,000 sq ft house in a Houston suburb for a middle class family could be anywhere from $150,000 to $450,000 depending on location, trim, tract or custom, etc.

You'd be nailing people already nailed by taxes and taking away one of the few tax breaks that people of that income level actually get.

 

If you have a 3000 sq ft property in NY or LA that you plan to sell for $450,000 (3x of $150,000), you'd better put it on Ebay. First of all, you don't have to pay the 6% seller's commission. And then the bidding on Ebay could at least double that price for you or even triple it to the real market value of your property if you are lucky.