“Do you want to make your home mortgage interest tax deductible?”
Fraser Smith, a retired West Coast financial planner, knows the way to do it and is actively promoting the technique, known as the Smith Manoeuvre, through seminars, books and a website (www.smithman.net).
The benefits of tax deductibility are straightforward. If you can pay less income tax, you will have more money with which to build your wealth.
In the past, tax specialists frequently talked about the concept (advising homeowners to take out mortgages to invest, which would allow the deduction of interest), but they didn’t give the step- by-step technique that would allow homeowners with mortgages still outstanding an effective way to do it.
Smith says he saw wealthy families using techniques allowing deduction of interest and he worked on developing a system for his financial planning clients of turning non-deductible mortgage interest into deductible interest.
The entire article can be found here.
First Foundation prides itself on being Smith Manoeuvre implementation experts. If you are interested in this amazing technique that can save you thousands of dollars in tax annually and help you grow your net worth, then contact us to get started!