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Fixed Rate Mortgage Refinance Loan SANTA CRUZ CA

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In this Article we shall focus on answering some common queries of Santa Cruz CA mortgage borrowers:

Santa Cruz borrowers are sophisticated so let’s present something that will help them:

HOME RELATED TAX BREAKS:

The borrower should consult his tax lawyer to assist however the below would help the borrower with relevant questions that he should seek from his tax accountant while preparing taxes. AMT or Alternate Minimum Tax are those breaks that are limited to some write offs and NOT allowed in others.

Consider both deductions and exclusions:

Mortgage interest deduction for Santa Cruz mortgage borrower. You generally can deduct interest on up

to a combined total of $1 million of mortgage debt incurred to purchase, build or improve your principal residence and a second home. Any points paid for your primary residence may also be deducted.

Home equity debt interest deduction. Interest on home equity debt

used for any purpose (debt limit of $100,000) may be deductible.

So consider using a home equity loan or line of credit to pay off

credit cards or auto loans, for which interest isn’t deductible and

rates may be higher. NOTE: If home equity debt isn’t used for

home improvements, the interest isn’t deductible for AMT purposes.

Home office deduction for Santa Cruz mortgage borrower: 

If your use of a home office is for your

employer’s benefit and it’s the only use of the space, you generally

can deduct a portion of your mortgage interest, property taxes,

insurance, utilities and certain other expenses, and the depreciation

allocable to the space. Or you may be able to use the simplified

option for claiming the deduction. (Contact your tax advisor for

details.)

For employees, home office expenses are a miscellaneous

itemized deduction, and you’ll enjoy a tax benefit only if these

expenses plus your other miscellaneous itemized expenses exceed

2% of your AGI. ( Adjusted Gross Income)

Rental income exclusion for Santa Cruz mortgage borrower: If you rent out all or a portion of your

principal residence or second home for less than 15 days, you don’t

have to report the income. But expenses directly associated with the

rental, such as advertising and cleaning, won’t be deductible.

Call Santa Cruz CA mortgage expert below to get you the lowest mortgage rate on your refinance.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.

30 yr fixed refi              3.807% APR                 3.775%Rate | At 0 pts

20 yr fixed refi              3.500%APR                  3.500% Rate | At 0 pts

15 yr fixed refi              3.044%APR                  3.000% Rate | At 0 pts

10 yr fixed refi              2.940%APR                  2.875% Rate | At 0 pts

Artical by Roger Shanker