Tax Return - any accounts out there?

So DH and I have our appt to get our taxes done in 2 weeks but I'm so anxious to see how much we'll get back. We bought our 1st home in Feburary 2009 (already got Obama's $8000 credit). But everyone keeps telling me that we'll get a ton of money back this year b/c of the closing costs, interest, etc.

I know it's hard to determine b/c everyone's finances are different, but does anyone know (ballpark) how much we may get back? Do you think we're talking like $2000 or $10000?

We paid about $12,000 in interest
Approx $16,000 in closing costs
Plus we did a lot of work on the house and installed all new windows, doors and insulation so I know we'll get the $1500 tax credit for that too

Re: Tax Return - any accounts out there?

its really nearly impossible to guess without giving out a lot more info which I wouldn't suggest doing.

Alot depends on how your pay was taxed, and if enough taxes were taken out. if not, you might be entitled to a huge refund for the house but you would owe back more because you weren't taxed correctly.
Sorry

Re: Tax Return - any accounts out there?

First of all, most, if any, of your closing costs are not deductible. Mortgage interest and real estate taxes are deductible and sometimes MIP. And yes, you'll probably get the Residential Energy Credit. But like the other person said, it's very hard to determine what you'll get back b/c it's based on many factors....your total income, your withholding amounts, any other deductions, etc.

All I can say is that if you have received refunds in the past and you havent really changed any of your income and now you have these additional deductions, then yes, you will probably receive a nice refund.

Re: Tax Return - any accounts out there?

we just did our taxes and we closed Nov 6 2009 and we got back $2,000 but that is around our norm. Sorry if that doesn't help