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nikkimlayton
March 31, 2025
Question

If my 1098 is for a HELO (home equity loan), not a HELOC, which box do I check?

  • March 31, 2025
  • 1 reply
  • 0 views
Do I check the box that this is a HELOC, or the box that this loan is not a HELO or a refinance of previous loan?

1 reply

V
Vanessa A
March 31, 2025

If this is a home equity loan, then you would check the box that says this is a HELOC.  This will allow for the questions to find out if the interest is deductible on the loan.  

 

In order to be deductible, you must use the proceeds to buy, build or substantially improve the home that secures the loan.  That means if you took the loan out to consolidate debt, the interest would not be deductible. 

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