topic We received a 1098 Mortgage Interest from our bank. It doesn't say it is for a HELOC we are using for college expenses. Can we deduct interest? in Deductions & credits

We received a 1098 Mortgage Interest from our bank. It doesn't say it is for a HELOC we are using for college expenses. Can we deduct interest?

trino75 — Fri, 31 Jan 2020 04:58:45 GMT

Re: We received a 1098 Mortgage Interest from our bank. It doesn't say it is for a HELOC we are u...

BarbaraW22 — Fri, 31 Jan 2020 21:51:24 GMT

No, since you are using the loan for college expenses, it is not deductible as mortgage interest. You can no longer deduct the interest from a loan secured by your home to the extent the loan proceeds were not used to buy, build, or substantially improve your home.

Please refer to this TurboTax article for more information.

Re: We received a 1098 Mortgage Interest from our bank. It doesn't say it is for a HELOC we are using for college expenses. Can we deduct interest?

trino75 — Thu, 13 Feb 2020 05:07:24 GMT

Thanks, I kind of figured that, but wanted to see if the laws had change by chance. It was one of the reasons we did the HELOC because at the time it was deductible before 2018.