What should I put if my 1098 form for a HELOC is blank in box 2? Should I use the balance as of Jan 1 2024?

[LauraCMallonee]

We got a 1098 for our HELOC and we paid a total of 1806.67 in interest on it in 2024, however the outstanding balance box 2 is blank on the form. Do I use the balance as of Jan 1 2024? December 31st 2024? It is a HELOC so the balance goes up and down all the time.

[KrisD15]

If you use the loan more like a credit card, you might be better off  just not entering that 1098.

Home mortgage interest is only deductible if the loan was used to purchase, build, or substantially improve the home.

Unless you took funds out to make a major renovation, or part of the loan includes part of the original loan (the loan you took out to buy the house) it would not be worth trying to get through the section to enter the 1098.

The program would have no way to calculate your average balance, which also could limit your deduction.   

If you think the interest would qualify, please continue the thread and give us additional details. 

HERE is IRS Pub 936 which explains the requirements