What kind of income tax return should I expect, considering my situation.?
by Mortgage Rates on Saturday, October 16th, 2010 | 2 Comments
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In this situation the standard deduction will probably be higher than the itemized. Unless, you paid points on the loan when you originated. If you did pay points re-post this question with that info.
Since you bought the house late in the year, you probably won’t get much if any benefit from it on this year’s taxes. Add up your potential itemized deductions – if they’re higher than your standard deduction, then go ahead and itemize, but don’t be disappointed if they’re not.