Primary Residence

Primary Residence

 

A person’s primary residence is the dwelling where they live, typically a house or a condo. A person can only have one primary residence at any given time, though they may share the residence with other people.

A primary residence is considered as a legal residence for the purpose of income tax and/or acquiring a mortgage.

 

Advantages:

    • All interest on the mortgage may be tax deductible*
    • Establishes credit history
    • Secured investment
    • Builds equity
    • Can be used to borrow against
    • Gift funds are allowed

     

    *Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.

     

    BACK