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Question

Have a second 1098 on a HELOC. Is that our most recent 1098. How do we file that as well as our 1098 on original loan?

Forum|Forum|4 years ago
March 5, 2022
1 reply
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TurboTax Deluxe Online

A home equity line of credit is not deductible if the proceeds were not used to buy, build, or substantially improve a qualified home. If you used the line of credit for one of these purposes, then you can deduct the interest reported on Form 1098.

You may say Yes for is this the most recent for more than one outstanding loan, but you must say No under Is this the original loan used to buy the property? For a HELOC, the answer should be Yes to both follow-up questions.