Mortgage Interest Deductability Calculator

Mortgage Interest Deductability Calculator

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Hurray, we get another tax cut ! Sounds good doesn't it? But do you realize the lower rates and huge standard deduction (raised from $7,950 to $9,700 for married couples) may well mean that you get no tax benefit from your mortgage, especially with rates so low? It's a double edged sword as usual. This calculator calculates how much federal income tax you save now from your mortgage interest, charitable contributions etc. with the new reduced rates.



Your Adjusted Gross Income :	$
Number of Personal Exemptions :
Your Annual Mortgage Loan Interest :	$
Your Annual Equity Loan Interest :	$
Your Mortgage Point Interest :	$
Your real estate property tax :	$
State and local income tax :	$
Personal Property Tax :	$
Charitable Contributions :	$
Deductible Medical Expenses :	$
Miscellaneous Deductions :	$
Status :	Married - Single - Head of Household - Married Filing Seperately
Standard Deduction :	$
Your State Income Tax Rate :	%





Deductible Loan Interest:	$0.00
Deductible Taxes:	$ $0.00
Charitable Contributions:	$0.00
Total Itemized Deductions:	$0.00
Total Personal Exemptions:	$0.00
Taxable Income w/ Standard Deduction :	$-9,700.00
Taxable Income w/ Itemized Deductions:	$0.00
Your itemized deductions do not save you anything!
Your 2003 Tax Bracket	10 %