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General Category => General Discussion => Topic started by: ThomasVaway on September 05, 2024, 06:13:40 AM



Title: are mortgage interest payments tax deductible in california
Post by: ThomasVaway on September 05, 2024, 06:13:40 AM
| **California**  | **No**                       | Property taxes, insurance premiums, energy-efficient upgrades |
* **Homeowners Insurance:** The premiums you pay for homeowners insurance generally are not deductible, except in certain circumstances such as those involving a federally declared disaster.
 
 
 
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2. **California AGI:** Your California AGI is based on your federal AGI. Therefore, the reduced federal AGI due to the mortgage interest deduction also reduces your California AGI.
**Scenario:** Suppose you own a primary residence and have the following mortgage debt:
* **Consider Refinancing**: If you have a high interest rate on your mortgage, refinancing to a lower rate could save you money in the long run and increase the amount of interest you can deduct.
<h3>1. Can I deduct mortgage interest if I rent out a portion of my home?</h3>