It depends. Here is how I would report this in Turbo.
- Assuming you have entered your mortgage information
- Navigate to the screen where it says Was this loan paid off or refinanced with a different lender in 2020? Yes
- Is this loan secured by a property of yours? yes
- Is this loan a home equity line of credit or a loan you've ever
- Is this loan a home equity line of credit or a loan you've ever refinanced? indicate yes, this is a loan I've refinanced or a home equity line of credit (HELOC)>A mortgage loan that I've refinanced>Have you ever pulled cash out from this loan when refinancing it? yes
- Next question asks, Have you used the money from this loan exclusively on this home? Yes Note: This doesn't ask if you used the cash to buy, improve, or build the home. It just asks if you used it on the home and you did to pay the closing costs.
- Next screen will inform you you received the tax break.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
