I will not receive a 1098 because the interest I paid on my home equity line of credit is less than $600. How do I put the info in TurboTax?

First, HELOC may or may not be deductible interest. Qualified Mortgage Interest is defined as the interest you pay on a loan secured by your main home or second home that was used to build, buy, or improve that home, and includes:

• Mortgage to buy, build, or substantially improve your home
• Second mortgage
• Line of credit
• Refinanced loans
• Home equity loans

In most cases, every dollar of interest you paid on a qualified loan is deductible (some limitations apply).

 

Second, if you qualify to deduct, here is how to enter:

1. Go to the federal section
2. to Deductions and Credits
3. Select Mortgage interest, refinancing, and more
4. Enter the mortgage interest that you know you paid
5. Enter an outstanding mortgage principal amount below $750,000
6. Enter the date of the HELOC
7. Continue, you don't need the rest of the information on this page,
8. Is is secured by your property, yes
9. Kind of property, select
10. Continue
11. Points, no probably,
12. Continue
13. Most recent 1098?, yes
14. Continue
15. Original, no
16. drop downs appear
17. HELOC, yes
18. Cash out? 

Select Yes if

• Your loan is a HELOC.
• You used loan money for anything besides paying off the existing loan. This includes home repairs, making purchases, paying off other debt, having cash on-hand, and contributing to your savings or investments.

Select No if you only used the loan to refinance an existing loan.

 

 

Thanks!