mrsfcsn asked:


We bought a house this year and when we filed with H&R block our refund is $1418. I am not sure if I understand or not but I was thinking we was going to get a bigger refund. The mortage interest was $4062, the the points paid was $1999 and the insurance premiums was $4155 and the real estate taxes was $778 and I also had $1212 interest in student loans. Wouldnt we supposed to get more back?

Alfred

5 Responses to “We bought a house this year and filed our taxes through H&R block. Are we supposed to get money back?”

1. Wayne Z on August 25th, 2009 6:54 pm

   Gene

   Maybe Not.

   Contrary to popular belief, buying a house does not automatically give you a “huge” refund especially in the year of purchase.

2. Robert in Nuuanu on August 27th, 2009 1:07 pm

   Milton

   There are alot of variables that determine how much refund you get. An H&R Block Tax Pro is required to explain your tax return to your complete satisfaction. Between March 1 and March 25 is a good time to return to your Tax Pro and request a full explaination. If the Tax Pro is not able to satisfy you, ask for the Office Leader. In the event that your Tax Pro missed something, you automatically get your entire H&R Block fee refunded.

3. Oldboy on August 28th, 2009 9:34 pm

   Jamie

   There are many other factors to consider. First if you are married and filed a joint return then your combined income might be high and put you into a higher tax bracket.

   You also need to take into consideration how much was deducted from your paychecks for federal withholding.

   There just are to many factors to consider and yes it seems on the surface you had several deductions, but these deductions may have only prevented you from writing uncle Sam a check in April.

4. Doctor Deth on August 28th, 2009 9:39 pm

   Leroy

   you don’t get back 100% of those items – they only reduce your taxable income and filing jointly, the standard deduction is already over 10,000 so all those itemized deductions have add up to more than 10,00o to get any additional tax benefit, and insurance? if you’re talking about medical insurance, you only get to itemize the portion that exceeds 7.5% of your adjusted gross income, so very little of that was probably actually included on your schedule A. You’ll get more deduction next year – the first yr of owning house, you’ll never get the full yrs deductions

5. Judy on August 29th, 2009 10:15 pm

   Brad

   Many people thing that buying a house will give them a huge refund, but the increase, if any, is more often a few hundred dollars, not thousands.

   You don’t say what you typically get, and there isn’t enough info in your question to say it’s right or wrong. But if you filed a joint return, you get a standard deduction of $10,700, so itemizing only gives you benefit for the amount of your itemized deductions that is higher than that.

   From your list, the insurance premiums don’t count as a deduction if you are talking about homeowners insurance – PMI counts if you are paying it. The student loan interest should have been shown on your return as an adjustment, but has nothing to do with itemizing. So unless you had a lot of other deductions, you might not have even had enough to beat the standard deduction that they give you of 10,700.

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