Not necessarily. You don't get a refund of what you pay for buying your home. The interest, property taxes and mortgage insurance you pay is tax-deductible if you itemize. In order to itemize all your itemized expenses (medical expenses in excess of 10% of your AGI, property taxes, mortgage interest, charitable donations) would need to be greater than your standard deduction.
Standard Deductions for 2019 are as follows:
- Single- $12,200
- Head of Household- $18,350
- Married Filing Joint- $24,400
If all of your Itemized expenses are not higher than the standard deduction listed above, then you will not see any tax benefit from buying your home.
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