Mortgage interest tax deduction

[Dad2]

Mass-
This is my first year with a house.
I've paid roughly 10k in interest.
I was just wondering what this translates to concerning the refund.
Does it make a HUGE difference in a refund?
Next year the interest will be around 25k, as we didn't start paying until October this year.

Thanks

[seniorjudge]

The only way anyone could answer your questions is to do your tax return.

Talk to a tax CPA to get the answer.

[aaron]

The mortgage interest deduction can be significant, but like any other deduction its size depends upon your income, as well as other aspects of your tax return. You can get a program like TurboTax and see how your taxes would look with or without a particular deduction. Here's a lot of information from the IRS.