Do I need to report the amount of equity loan?

[smooth5]

I did not reported equity loan amount in past two years, what should I do, forgot

[ScottT · Accepted solution]

You maybe able to deduct the mortgage interest, property taxes, or point paid on your equity loan. This help reduce your tax liability, if you are itemizing your deductions. The Bank or Lender should send you a 1098 For each year for you to claim a deduction. You do not need to report the loan amount on the form.