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 Question Thank you! Oops! Related Contents The Facts About Income Tax Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you. Tax Rules When Selling Your Home The tax rules governing profits you realize from the sale of your home have changed in recent years. Comparing Investments This calculator compares the net gain of a taxable investment versus a tax-favored one.