paid $2200 in home intrest this year??

[jbanderson]

Tennessee

I bought my home in june and paid $2200 in intrest for 07. I thought this was supposed to give me a tax break or something? I put it in turbo tax and my refund stayed the same.

[LdiJ]

Originally Posted by jbanderson

Tennessee

I bought my home in june and paid $2200 in intrest for 07. I thought this was supposed to give me a tax break or something? I put it in turbo tax and my refund stayed the same.

Everyone gets a standard deduction. However, if they have certain expenses (home mortgage interest, property taxes, medical expenses, in excess of 7.5% of their AGI, charitable donations, etc.) that are higher than their standard deduction, then they made itemize expenses instead.

In this instance, apparently your standard deduction is higher than your itemized expenses, therefore TurboTax is giving you the standard deduction. That's not unusual the first year that you own a home. Next year, when you have paid a full year's worth of interest, it may be different.

[jbanderson]

that sucks, thanks for your help!