Mortgage interest tax deductable

[cidley69]

I was listening to the radio and an investmetn company add (forget which one, but it was a re-mortgage type company) said there was a way to make your mortgage interest tax deductable.

Does anyone know if there is a way to do this, make the interest portion of your mortgage payment tax deductable?

[legendboy]

You have to be able to pay your house off with cash to be able to do it.

Then u take out a LOC on your house, invest all the money and write off the intrest you pay on your "mortgage" payment (loc payment)

[liquid1010]

Look-up "Smith Manuever". Only way it really works is if you have enough investments to pay-off your mortgage first.

[Maddog55]

If you run your own home based business (ie: have office space in your house) you can. But its proportional. Your home office can take up to 25% of your house. So you can write off 25% of your home expenses. (heat, electricity, insurance, security etc, as well as mortgage interest)

And the only way to be able to write off 100% of the interest is to do like Legendboy says...pay off the mortgage, then re-invest the LOC into investments...