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-elchemy-org
September 6, 2024
Question

I paid off my HELOC. where/how do I enter that information on my personal income tax return?

  • September 6, 2024
  • 1 reply
  • 0 views
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1 reply

A
Anonymous_
Employee
September 6, 2024

Paying off (or down) a loan is not typically something that needs to be reported on your personal income tax return.

O
Opus 17
Employee
September 6, 2024
@Anonymous_ wrote:

Paying off (or down) a loan is not typically something that needs to be reported on your personal income tax return.

You will simply have less interest to report, and maybe a simpler calculation for deductible mortgage interest (if you still have a main mortgage).  

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-elchemy-orgAuthor
September 6, 2024

Thanks! Are there any deductions, credits, or other tax benefits I can claim toward paying it off? Note this is not my primary mortgage, rather, a sidecar to the primary that was taken out at the same time as the primary mortgage

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