DDollar
Expert Alumni

Investors & landlords

You are correct about the amount of interest from your Home Equity Line of Credit to deduct - $502. 

It is unlikely you would be audited over a $502 deduction.  Moreover, the IRS doesn't really expect you to retain records from as far back as 2007.  If they were to inquire, your reasonable explanation would probably suffice, unless perhaps there was other issues they were looking into.

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