Mortgage and interest tax credit

[jieun68]

I purchased a house in May of 2018 so I expected to get more tax refund this year, but refund amount is the same as last year.

Can anyone tell me why refund is same as last year? Has there any change on the tax refund policy for the 1st time home buyer?

[KrisD · Accepted solution]

It is true that home ownership may make you qualified for deductions and credits, such as deducting home mortgage interest, but it gets a little complicated and no one tax situation is the same as all the rest. 

This year, tax reporting has changed quite a bit because of the Tax Cuts and Jobs Act.

The most impactful issue with Home Mortgage Interest is the increased Standard Deduction this year.  If you take the Standard Deduction rather that Itemizing, the Home Mortgage Interest will not affect your tax liability. 

Next year may be different for you since you will have an entire year of interest to claim. 

https://turbotax.intuit.com/tax-tips/home-ownership/home-ownership-tax-deductions/L7nXpU8Xz