Correct me if I'm wrong. The 'Home' that is being discussed here is the home where you are living currently.
So as the definition goes, if your home takes money out of your pocket, then its a liability. But if your living home puts money in your pocket, then its an asset.
Take this example: I took a loan from the bank and the EMI gets deducted from my salary. I pay the maintenance, electricity bill, water bill, home tax ...
and the money goes out of my pocket. So home becomes a liability.
Take example 2: I setup an office in one of the rooms & operate from there. The total revenue that I generage from my office (or the business) puts money in my pocket. The balance sheet shows that the cashflow is positive. In this case, the home is an asset
Take example 3: I buy a house and rent it out for a rent that is equal to or greater than the EMI that goes to bank. I am not sure if this is possible
. So in this case, I'm actually generating some money out of my home. But this is a special case.
So, your home can be an asset or a liability depending on how you use it.
more thoughts are welcome-
crook