How much of my mortgage interest will I get back via tax refund?

My total mortgage interest for 2010 was $8708.11. I make 46.5k a year and file as self employed if that needs to be accounted for.

I am filing single, and head of household. Thanks for the quick responses

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5 thoughts on “How much of my mortgage interest will I get back via tax refund?

  1. The mortgage interest that you can deduct is directly associated to your tax rate and filing status. Punch the numbers into a tax-prep calculator/software that makes these calculations. Don’t forget to include your State numbers.

  2. What’s your filing status? If you’re single, you get back your tax rate * $3000. Head of Household, your tax rate * $300. Married Filing Jointly – nothing unless you have about $2700 more worth of legitimate deductions.

    P.S. The reason for my calculation is this:
    If you’re head of household, you’d normally get a $8400 standard deduction, but you would use your mortgage interest (and other deductions) in its place. $8708-$8400 = $308. Multiply that by your tax rate, likely 15%, and you’ll get a whopping $46 back. Plus 15% of property taxes and state income taxes and other deductions.

  3. You don’t get a “refund” of part of the interest. You get to deduct the interest paid from your income PRIOR to applying the tax table – so it depends on your tax bracket. If it’s 15% tax bracket, you’d “get back” 15% of that $8708.

  4. in reality, nothing
    if you itemize including your mortgage interest that is included in the total of your Sch A deductions which reduces your AGI to your taxable income
    if you want to work it both ways, as an example a return without the mortgage interest and one with it included you might be able to see the difference in your refund to see how much was affected by the mortgage interest–a long way round to find out how much if affects your refund
    and as head of household being single does that mean you have children or other dependents in the household? you are not head of household if you are the only one-you are not head of household for yourself

  5. You will not get any of your interest back. What mortgage interest does is lower your income level so you pay less in income taxes.

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