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Making your home mortgage tax deductible

Q: I heard about making my home mortgage tax deductible. My bank has advised me to lessen my monthly payments by rolling my car loans and my mortgage payments together into a home equity line of credit, which will reduce my monthly payments.

A: Yes, but! Your mortgage can indeed become tax deductible IF you use tax-deductible income to reduce your payments and pay your – say – business expenses from other sources. (Go to and look at 1,000 pages on the subject.) Clean, clear bookkeeping is vital. But note, you have a mortgage now which is not reported as a debt to your credit bureau. If you roll it into a credit line the whole amount – credit line and mortgage – will be reported to the credit bureau as a debt.

About Ozzie Jurock

OZZIE JUROCK (FRI) is the author of Forget About Location, Location, Location. Ozzie Jurock is also president of Jurock Publishing Ltd. Peter C. Newman in his book Titans called him a Real Estate Guru. Vancouver Magazine called him one of the 45 brightest people in Vancouver. Ozzie Jurock appears every 2nd Wednesday on Global TV News Hour. He also authored the book: Forget About Location, Location, Location and has written hundreds of published real estate articles in the Vancouver Sun, Business in Vancouver, the Globe and Mail, the Western Investor and dozens of magazines. (List of published articles.) Several thousand people have subscribed to his monthly and weekly newsletters Jurock Real Estate Insider and Jurock's Facts by Email.

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