April 15th seems a long way off, but it will be here before you know it. Now is the perfect time to start getting your ducks in a row — and your paperwork too. Owning real estate can make a big difference on your tax return, so make sure that you’re taking advantage of all the deductions you’re entitled to. We’ve outlined a few below.
Unless you paid cash for your purchase, you probably took out a loan to buy your Santa Cruz home. Mortgage interest is one of the best tax deductions out there, so be sure to hang on to that 1098 form from your bank. You can almost always deduct the entire amount of interest paid per calendar year.
Real Estate Taxes
Depending on where your property is located, you are likely paying real estate tax,