You should enter the balance of your HELOC principal balance as of 01/01/2023. This amount will get added to the principal amount of your mortgage and is used to make sure you are within the $750K limit. See Deducting HELOC Interest
In most cases, you can deduct your interest. How much you can deduct depends on the date of the loan, the amount of the loan, and how you use the loan proceeds.
- To get the full deduction, your mortgage debt doesn’t exceed $1 million ($500,000 if Married Filing Separately) if you got your loan between October 13, 1987, and December 15, 2017, or $750,000 ($375,000 if Married Filing Separately) if you got your loan after December 15, 2017.
If the amounts you entered for principal balance total to more than $750K, TurboTax will limit the deduction.
Multiple 1098s in TurboTax Online
Multiple 1098s in TurboTax Desktop
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