Interest/Property taxes/Insurance deduction in CA - How it works?
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)