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I paid off my mortgage on a rental with savings, took a loan on home equity line of credit for the balance i owe. where do i enter the information.

i paid off my mortgage on my rental with my savings, and took out a home equity line of credit loan for the balance i owed. where do i enter the information. also where do i enter the amount i paid the mortgage off in the rental area

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PatriciaV
Employee Tax Expert

I paid off my mortgage on a rental with savings, took a loan on home equity line of credit for the balance i owe. where do i enter the information.

Yes, you should receive Form 1098 from all lenders to report the Rental Mortgage Interest you paid during the year.

Loan principal transactions (paying off a mortgage, assuming new debt, etc.) are not taxable transactions and have no tax deductions. Only the interest on secured debt is reported on your tax return.

When you have the information from the lenders, open your return, then go to My Account >> Tools >> Topic Search. Type in "mortgage interest, rental properties", then click the topic in the list and GO to go directly to the start of this section. You may need to work through the interview screens until you reach the rental mortgage page.

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I paid off my mortgage on a rental with savings, took a loan on home equity line of credit for the balance i owe. where do i enter the information.

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