Any CPAs out there? Do I get 100% back? Or is there some kind of formula I can use to figure out what my refund will be? I'm too anxious to wait to hear what my accountant will say. Would appreciate any assistance. I'm super-sucky at math.
No, it is not dollar for dollar. That would be AWESOME though! Your home mortgage interest deduction(and any other deductions you may have) is subtracted from your your gross income. Giving you your adjusted income. You are then taxed on that.
