Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
T
trino75
January 31, 2020
Question

We received a 1098 Mortgage Interest from our bank. It doesn't say it is for a HELOC we are using for college expenses. Can we deduct interest?

  • January 31, 2020
  • 2 replies
  • 0 views
No text available

2 replies

B
bwergeles
January 31, 2020

No, since you are using the loan for college expenses, it is not deductible as mortgage interest. You can no longer deduct the interest from a loan secured by your home to the extent the loan proceeds were not used to buy, build, or substantially improve your home.

 

Please refer to this TurboTax article for more information.

    T
    trino75Author
    February 13, 2020

    Thanks, I kind of figured that, but wanted to see if the laws had change by chance.  It was one of the reasons we did the HELOC because at the time it was deductible before 2018.

    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification