How much can I expect back in a tax refund If I am deducting 100% of my interest only mortgage payment?

Question

I have interest only mortgage payments of about $1200, which i can completely deduct from my income on tax statements.

Income: 50K
Loan: 250K
No other deductions/No dependents

About how much will I see back in mytax refund at the end of the year?

Appreciate everyone's help.
Thanks- Andrew

Answer 1

We would have to know how much you payed in to answer that. Assuming all of the $1200 mortage payment was interest and that none of that went to an escrow account for PMI or real esate taxes (which some of it probably did) you adjusted gross income would be $32,300 ($50,000-Itemized dedution 14,400-3,300 exemption).
That means you owe $4,626. Anything you paid in more than that would be a refund. If you paid in less than that over the year you would owe taxes.

Answer 2

Not enough information - you don't say how much you had withheld or paid in estimated payments. You also, I'm sure, have other itemized deductions other than your home interest - real estate taxes, state and local taxes? And maybe some charitable contributions?

Also, your marital status.

Without that info, can't give you even a guess as to your refund.

Answer 3

You should have other deductions. What about property taxes or other state and local taxes? Do you have any donations? Did you just buy your house; do you have any closing costs or points that you can deduct? I would suggest using turbo-tax or tax-cut to do your taxes this year. You may get back more than you think.

Answer 4

Use this free calculator. A lot depends upon tax withheld.

http://www.hrblock.com/taxes/tax_calculators/index.html?calcIndx=1#top

Answer 5

How much did you pay in taxes?
How much did you pay in interest?
Married or single?