Maximize Tax Benefits
To maximize tax deductions via interest expense many people agree that by paying TAX DEDUCTIBLE INTEREST EXPENSE as long as you can during the accumulation phase. (The accumulation phase is that period of time that a mortgage holder is accumulating money to be used at some point pay of the mortgage in full.)
You can deduct home mortgage interest if all the following conditions are met.
- You file Form 1040 and itemize deductions on Schedule A (Form 1040).
- The mortgage is a secured debt on a qualified home in which you have an ownership interest.
NOTE: Please consult your tax and legal advisor as we do not offer any tax or legal advice.