Home Mortgage Deduction Use this calculator to assess the potential benefits of a home mortgage deduction. You are viewing this website at a small screen resolution which doesn't support calculators. Click here to view this calculator. Share | Have A Question About This Topic? Name Email Address Message Thank you! Oops! Related Content The Facts About Income Tax Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you. Does Your Child Need to File an Income Tax Return? When your child has income, there’s a good chance that he or she will need to report it and pay taxes. Comparing Investments This calculator compares the net gain of a taxable investment versus a tax-favored one.