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How much should I expect on my Tax return?

If I pay 15000 a year in mortgage... how much should I expect in my tax return?

  • If I pay 15000 a year in mortgage... how much should I expect in my tax return (estimate, percentage)? I live in AZ

  • Answer:

    What you pay for your mortgage payments is irrelevant. The payment is made up of deductible and non-deductible components, typically principal (not deductible), interest (deductible), property taxes (deductible, but see next paragraph), and home owners insurance (not deductible). You can deduct the mortgage interest that you paid, plus any property taxes that you paid. That includes property taxes paid for you by the mortgage servicing company, not necessarily the amount that you paid into escrow. The principal and home owners insurance is not deductible at all. Whether or not this will save you any money depends upon the total of your itemized deductions and your standard deduction. If you are married filing jointly your standard deduction is $11,600 for 2011. If your deductions are less, itemizing gets you exactly nothing. If your itemized deductions were $12,600 and your tax bracket was 25%, you'd save $250 in taxes by itemizing.

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If that's all you pay and you're married, probably nothing. If that's just the interest component on it, you'll get (15,000 - your standard deduction + your property taxes + whatever other items you can deduct on your schedule A) * your marginal tax rate.

any refund you get will not be a refund of your mortgage interest the mortgage interest reduces your AGI by that amount(along with your other Sch A deductions) and that adjusts the amount of your income tax is taxable how much you get as a refund will depend on how much was withheld from your paycheck

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