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Get your taxes done using TurboTax
Thanks for your prompt reply. I looked at the 936 worksheet and to make sure that I understand it correctly, we have about $450k of mortgage pre 2017 but after 1987. So we could deduct up to $300k of HELOC debt (totaling $750K) for 2018, correct? And based on the work sheet, if we took out more than $300k with our HELOC there would be a percentage calculation to figure out how much we could deduct. Please correct me if I am wrong. And one last question, the size of our line of credit doesn't matter, but the actual amount that we borrow against that line of credit.
Thanks again
‎January 27, 2019
4:39 PM