Well the W2's will be on their way in a few weeks and on average I get $1200 to $1500 back on my tax return. People tell me that owning a home is a "good thing(tm)" due to the fact that the interest is tax deductable. I purchased my home in Dec of 2000 so that would mean a full year worth of interest to claim on my ought 2 1040. If I understand this right would this mean that say I paid in $5000 in fed taxes and my mortgage interest was around $3000. Would that mean I get a bigger refund since my tax liability would be reduced due to the home mortgate interest? If not can someone 'splain it to me in an easy to understand way?