Does buying a home make a big difference with federal refunds? Mine is even less this year.

[CarolynM · Accepted solution]

Sometimes. Home ownership can make a difference in your tax refund, but if your mortgage is low and your property taxes are reasonable, it may not make a great difference.

The deductions for home ownership are included on your Schedule A of itemized deductions. There are deductions for mortgage interest and property taxes paid. While these deductions reduce you tax obligation, they are considered "below the line" deductions and do not reduce your actual income. 

The standard deduction for Single filers in 2017 is $6,350, so if you don't have other deductions, such as significant medical expenses, it may not impact your refund. 

For more information about the benefits of home ownership, follow this link: Real Estate Tips For Homeowners