turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Am I wrong to assume that I would get money back from interest paid toward my house especially with it being the first full year I paid on the loan?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Am I wrong to assume that I would get money back from interest paid toward my house especially with it being the first full year I paid on the loan?

Maybe.  Mortgage interest is deductible as part of what is called "Itemized Deductions".  You automatically get a set deduction, called the "Standard Deduction".  In order to see a benefit from your mortgage interest your total Itemized Deductions would have to be more than your Standard Deduction.  Just having mortgage interest alone is not enough to create a tax benefit for you.

For more information on the Standard and Itemized Deductions please see the following article.  Also please note that the article has links at the bottom to several other helpful articles on this topic.

https://ttlc.intuit.com/replies/3302313

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question