Turbotax Question: Is this loan a home equity line of credit (HELOC) or a refinance of a previous loan?
The first (original) loan was in 2017. I refinanced that original loan in 2020. Therefore, I have had this new refinanced loan for the last four years, since 2020. It has not changed. I did not refinance again. Just that one time.
For the 2024 tax year:
(A) Is the question asking if "whatever loan" I have now is a refinanced loan regardless of when I got it (2020), or (B) is it asking if the loan I have now is a refinanced loan as of this tax year (meaning I got it refinanced AGAIN in 2024)?
Which is the answer, A or B?
This should be a basic reading comprehension question, but it's never like that with the IRS.
