Lose Real Estate Deductions?

There is current talk in Washington of taking away the home interest deduction.  After all, the company is in deep - uh, well, you know - and they need every dime they can scrape together to offset ever increasing debt. 

Real estate has always been a terrific investment for a number of reasons.  First, you can leverage nearly all the investment if you want to, and your loan can't be called (unless you default).  But even more important (for some) are the various tax deductions you can take on your gains. 

But are these deductions sacrosanct?  My friend, Peter Miller, thinks so.  See what he has to say here. If he's right, this fed thinking is just blowin' in the wind.  And we can all breathe easier.