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Home Equity Line of Credit question
In 2018, I paid off a HELOC in the amount of $45k using money from a new HELOC I established with a limit of $90k. I did that because the company that offered the first HELOC no longer offered it and I needed to increase the limit. So I established a new HELOC with another company. Later in the year, I borrowed another $6k from the new HELOC.
Turbotax is asking me to enter the amount I borrowed for the new HELOC. Does it mean to enter the amount I borrowed when I set up the new HELOC ($45k)? Or does it mean for me to enter the entire amount I borrowed for the year 2018?
This confused me because the next question below this one asks me to enter the "ending mortgage balance", or ending balance of the HELOC.
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Deductions & credits
For the first question for the amount you borrowed you will enter the amount borrowed when you set up the new HELOC.
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