MarilynG1
Expert Alumni

Deductions & credits

Did you report a Form 1098 for your HELOC separately in your Federal Return?  If so, did you indicate that the funds were used 'to buy, build, or improve your main home'?

 

If not, you can report the 50K under Mortgage Interest Not Reported on Form 1098.  If you're using TurboTax Desktop, you should then have a Home Mortgage Interest Worksheet created.

 

Or, If you have an original 1098 with the original mortgage information, combine your Heloc information in the original 1098. Add the interest paid on the Heloc to the amount in Box 1, if you used to entire funds of the loan to buy or improve your home.

 

Here's more info on Reporting a HELOC.

 

@dwheat17 

 

 

 

 

 

 

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