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Question

how do I file a home equity line of credit because I got a 1098 for the loan.

Forum|Forum|11 months ago
April 10, 2025
1 reply
0 views

I got a home equity loan in 2024 and a 1098 form to file. I entered HELOC but it does not show up as a HELOC, but as a refinance on the first mortgage. What am I doing wrong?

TurboTax Deluxe Online

@lrstubby when you borrowed against the HELOC, what did you do with the money? the interest is only deductible if you used the money to improve your home. If you didn't use it for that purpose, then it is not necessary to enter the form into turbo tax as the interest is not tax deductible. suggest starting there.