If Home Equity Loan interest is less than 600, must it be reported/entered?

deanandpaige — Sat, 01 Jun 2019 17:42:43 GMT

As of 2010, if you paid $600 or more in mortgage interest...

TomK — Sat, 01 Jun 2019 17:42:44 GMT

As of 2010, if you paid $600 or more in mortgage interest payments, the lender must issue a Form 1098. You use the information from Form 1098 to prepare IRS Schedule A—Itemized Deductions. You should receive the form by Jan. 31 following the tax year. The lender will submit a duplicate copy to the IRS.

If you're not itemizing or if taking the standard deduction is better for you, then no, you don't have to enter the interest you paid.

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If Home Equity Loan interest is less than 600, must it be reported/entered?

As of 2010, if you paid $600 or more in mortgage interest...