Preheat your oven: Start by preheating your oven to 325°F (163°C). Grease and line a 9-inch springform pan with parchment paper.

Prepare the red velvet cake: In a large bowl, combine the flour, sugar, baking powder, baking soda, salt, and cocoa powder. Add the egg, buttermilk, vegetable oil, food coloring, vinegar, and vanilla extract. Mix well until smooth and all ingredients are combined.

Bake the cake layer: Pour the red velvet cake batter into the prepared pan. Bake for 25-30 minutes or until a toothpick inserted into the center comes out clean. Let the cake cool completely on a wire rack.

Prepare the cheesecake layer: While the cake is cooling, beat the softened cream cheese and sugar together in a bowl until smooth. Add in the vanilla extract, followed by the eggs one at a time, mixing until well combined. Stir in the sour cream until smooth.

Assemble the cheesecake: Pour the cheesecake batter over the cooled red velvet cake layer in the springform pan. Smooth the top with a spatula.

Bake the cheesecake: Bake for 55-60 minutes, or until the cheesecake is set around the edges but still slightly wobbly in the center. Turn off the oven and let the cheesecake cool in the oven for 1 hour with the door ajar. Then, transfer it to the fridge and chill for at least 4 hours or overnight.

Whip the cream topping: In a chilled mixing bowl, beat the heavy cream with powdered sugar and vanilla extract until soft peaks form.

Serve and enjoy: Once the cheesecake has chilled, remove it from the springform pan and top with the freshly whipped cream. Slice and serve—your festive red velvet cheesecake is ready!