s/o taxes: new house & tax return

[LauraMoser]

We bought a new house last year. What kind of effect will this have when we file our taxes this year? Will it impact our refund at all?

[LoveTrains]

Did you itemize your deductions in the past?

You can now use the interest you paid on the mortgage and the property taxes as a deduction, if you itemize your deductions.

More deductions = less income to pay taxes on = less taxes to pay.

[jenjen]

In the new age of super low interest rates,some people have discovered they don't pay enough in mtg interest to itemize-especially if you bought in the middle or end of the year.

Other wise, you can deduct property taxes and mortgage interest if you are able to itemize along with other itemized deductions. Not sure how or if it will impact your refund. Every tax situation is different.

[littlemisssunshine]

We already had enough deductions to itemize, so we were able to deduct mortgage interest and the points we paid at closing.