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I have paid line of credit interest in 2016. statement(1098) from bank says "mortgage interest" shoul I apply this for tax file like Deduction? thank you Jae

Forum|Forum|7 years ago
June 1, 2019
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TurboTax Deluxe Online

Best answer by AmyT

You are able to take the interest paid on a home equity line of credit (HELOC) as a mortgage interest deduction if you itemize your deductions. Happily, the bank provided your with the 1098 (this doesn't always happen for HELOCs).

You will add the interest in the Deductions & Credits section of Federal Taxes. Click on Mortgage Interst, Refinancing, and Insurance. If you have alreay entered a mortgage, you will want to Add a Lender. A screenshot is attached below for reference.

A

AmyTAnswer

Employee

You are able to take the interest paid on a home equity line of credit (HELOC) as a mortgage interest deduction if you itemize your deductions. Happily, the bank provided your with the 1098 (this doesn't always happen for HELOCs).

You will add the interest in the Deductions & Credits section of Federal Taxes. Click on Mortgage Interst, Refinancing, and Insurance. If you have alreay entered a mortgage, you will want to Add a Lender. A screenshot is attached below for reference.

D

Dom2

Employee

How about if you have a heloc and the lender provided a statement that lists the interest paid but it is not noted as a 1098 form. I assume the form provided would suffice?