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Get your taxes done using TurboTax
Schedule A does not have a line G4 but does report deductible mortgage interest.
Interest paid on a HELOC loan may or may not be deductible depending on what was done with the funds.
If the funds were redirected to the home, such as used to remodel or otherwise improve the original home, the interest is deductible.
If the funds were used for any purpose not related to increasing the value of the property, the interest may not be deducted and is not added to Schedule A.
This was a tax change enacted in 2017.
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March 14, 2022
5:22 AM