AmyC
Expert Alumni

Deductions & credits

If you have a line of credit that is not being used to buy, build, or improve the home, it is not deductible. No need to enter the information. See About Publication 936, Home Mortgage Interest Deduction.  If some part is being used for the house, then you would want to claim that portion. 

 

You can choose how you want to enter the deductible amount. You don't have to answer HELOC for the program and worksheet. You can call it a mortgage and just list the deductible portion. Only the totals go to the IRS. The IRS knows what is HELOC, what is mortgage, etc. You just want your sch A to list the allowable mortgage interest. How you get it there is your choice. The HELOC just helps to narrow down the allowed amount.

 

@Ralley82

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"