My husband and I have a house worth $900,000-plus with a mortgage of $350,000 ( i.e. In the form of a line of credit). We have a shared gross income of $200,000, with a son and daughter in years 9 and 12 at private school. We live frugally, and our earnings are basically equaling out our expenditure, and thus we really do not expect to pay off this mortgage until our kids finish school. We have no property or share investments to speak of.
Is there anything we can do to reduce our tax bill?