You can only deduct interest paid in 2019. You cannot deduct interest back to 2008. HELOC interest is only deductible for loans that were taken out to buy, build, or substantially improve the home secured by the loan. You would not be able to deduct interest for the HELOC as it was used to buy out the equity from your former spouse.
Interest is fully deductible on qualified mortgage debt up to $750,000. Based on the information you provided, all of the mortgage interest on the refinanced debt should be deductible.
Mortgage interest is part of itemized deductions. You would only itemize if your total deductions are greater than the standard deduction for your filing status. If you are Head of Household, you are correct that the standard deduction amount is $18,350. However, not all of your mortgage interest may be deductible.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
