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.

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