Question

Home Mortgage interest worksheet- for HELOC

Forum|Forum|5 years ago
March 12, 2021
1 reply
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The form will not allow me to enter the amount borrowed in 2020. The work sheet did not even come up when I worked on my deductions until I submitted the final check.

M

MayaD

You can now only deduct the interest from the amount of your loan that was used to buy, build, or substantially improve the home that it’s secured by—meaning the home that acts as collateral for the loan to protect the lender.

Follow the steps below to make sure you have answered the questions correctly:

Login to your account.
Select Federal from the left menu.
Go to Deductions and Credits.
Select review next to Mortgage Interest and Refinancing (Form 1098).
Enter the lender's name and continue
Enter the information from your 1098 form
Answer the questions and continue to the screen Is this loan a home equity line of credit or a loan you've ever refinanced? select Yes, this is a loan I've refinanced or a home equity line of credit (HELOC).
On the same screen select the type of loan and continue with the interview.