topic Entering HELOC information in TurboTax in Get your taxes done using TurboTax

Entering HELOC information in TurboTax

joshjmiller82 — Mon, 23 Feb 2026 10:48:33 GMT

I've had a HELOC since 2017. I only use the available funds occasionally. At the start of 2022, I had a zero balance (i.e., the entire line of credit was available for use). In August 2022, I used a good chunk of it for a home improvement project. I began paying the balance immediately, and have paid both principal and interest.

I know the interest is deductible because I used it for a substantial home improvement. However, when I try to enter the information from my 1098 into TurboTax, it won't accept it because it says the "Outstanding mortgage principal must have a value." (This is Box 2.) On the 1098, it says the outstanding principal as of 1/1/2022 was zero (which is correct). How do I enter this so that I can deduct the interest I've paid on the HELOC in 2022?

Re: Entering HELOC information in TurboTax

Anonymous_ — Mon, 16 Jan 2023 20:40:22 GMT

See https://ttlc.intuit.com/community/college-education/discussion/what-dollar-amount-do-i-put-in-under-original-loan-balance-for-a-heloc-loan-the-balance-or-the/00/307195

Re: Entering HELOC information in TurboTax

JohnB5677 — Mon, 16 Jan 2023 21:26:27 GMT

If you select the (?) to the right of Box 2 it will say:

"What is outstanding mortgage principal?

Your outstanding mortgage principal balance is the amount of money you still owe on your home loan.

If you took out the loan in 2022, input your original loan balance. If your loan was funded before 2022, input your balance as of January 1, 2022."