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Artur A.
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Interest/Property taxes/Insurance deduction in CA - How it works?

Artur A.
Posted Jul 4 2020, 19:50

I bought the first house in CA ( Contra Costa) - 350k.

I'm working as a full-time employee, software engineer, making around 126k per year.

How much I can deduct:

1)interest (1st year is about 9.5k interest payments). 

2)property taxes (I heard maximum deduction for prop taxes - 10’000)

3)home insurance

Can I deduct them all?  How is it works? - After filing all taxes should expect that I will get back around 19.5 k back to my account from IRS? or it means (126'000 - 19'500 = 106'500 is my taxable income and I will get back 30% from this 19'500)

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