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 | 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. What Do Your Taxes Pay For? Here's a breakdown of how the federal government spends your tax money. Tax Freedom Day Assess how many days you'll work to pay your federal tax liability.