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.

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

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.

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.

Maybe Not.

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