- Answer Yes to loan secured by a property
- Next question is Is this loan a home equity line of credit or a loan you've ever refinanced?
- Yes, this is a loan I've refinanced or a home equity line of credit (HELOC).
- A home equity line of credit (HELOC)
- Have you used the money from this loan exclusively on this home?
- If you did not use the loan for something else then answer Yes
- If you used some or all of the loan for something else Answer No and the questions will come up about how much was used on the home last year.
If you answer Yes in step 7, you will not get the additional questions. If you did use the money for something else you will have to determine how much of the interest is deductible.
