How can I claim my 1098 interest on TurboTax when the balance was $0 until I borrowed against credit line April? WF put start at 2005. TT will not accept $0 on Jan 1.

[hubsm]

My mortgage has been paid off for years, but I have a line of credit, based on the mortgage that was issued in 2005.  So the balance was $0 on Jan 1.  I borrowed against it in Spring 2018 and have been paying it back monthly.  Wells Fargo put 2005 on the 1098 and so I can't get past that page on TurboTax because it will not allow a balance of $0 on Jan 1.

[Vanessa · Accepted solution]

This would be considered a new loan, therefore you would not need to put a starting balance, you will just need to edit the 1098 entries and enter the date you took out the loan instead of 2005. 

However, if this line of credit was not used to substantially improve the home, you would not be able to take a deduction for the interest paid on it under the current tax laws. 

"Home equity loan interest. No matter when the indebtedness was incurred, you can no longer deduct the interest from a loan secured by your home to the extent the loan proceeds weren't used to buy, build, or substantially improve your home."https://www.irs.gov/publications/p936