What are the tax implications of paying interest?

Interest paid may or may not be tax-deductible depending on the type of interest paid. Use this calculator to help determine what, if any, interest you pay this year may be deductible and to what extent it may save you on taxes.
Federal Income Tax Information
Marginal tax bracket (%)help
Home Mortgage Interest
First mortgage interest ($) 
Second mortgage interest ($) 
Home equity loan interest ($) 
Investment Interest
Investment interest you PAID ($) 
Interest and dividends you RECEIVED ($) 
Short-term capital gains/losses (-) ($) 
Business Debt Interest
Business debt interest ($) 
Personal Debt Interest
Credit card interest ($) 
Auto loan interest ($) 
Other personal debt interest ($) 

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

Powered By CalcXML Calculators For Websites