Mortgage interest deduction. Does this give me a bigger refund? I paid over $1,000 in interest but it doesn't seem to increase my refund amount.

[aprilcrhea]

For some reason I thought you get back some of the money you pay in interest, this is the first home i've owned. My refund doesn't seem to increase after entering my mortgage interest and property tax info.

[re2boys · Accepted solution]

Mortgage interest is deductible as an itemized deductions, along with state taxes paid, property taxes, charitable contributions.  You only gain a tax benefit if the total of allowed itemized deductions exceeds your standard deduction.  TurboTax will figure which is best for you but you must go through the itemized deduction interview.