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February 16, 2023
Question

Where do i add my helo loan for interests date and where do i add my car lo

  • February 16, 2023
  • 1 reply
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where do i add the helo loan for interest paid

1 reply

February 16, 2023

Yes, you may be able to deduct your home equity loan interest as part of itemized deductions, but only if it was used to buy, build, or substantially improve your home. 

 

Here is where to enter you 1098-INT in TurboTax:

  1. Select Federal from the left side menu.
  2. Select Deductions and Credits. 
  3. Find Mortgage Interest and Refinancing (Form 1098)
  4. Click Not started to the right.
  5. Answer the first question Yes.
  6. Follow the steps to import your 1098-INT, or enter the amounts manually. 

Generally, you can't deduct car loan interest at all. The one exception is if you are self employed and use the vehicle in your business, you can deduct the business use percentage of the interest that you paid. Click here for more information. 

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