topic Tax Year Prior to 2020: Not sure how to enter HELOC mortgage interest less than $600 and thus not on 1098? in Deductions & credits

Tax Year Prior to 2020: Not sure how to enter HELOC mortgage interest less than $600 and thus not on 1098?

alektempski — Wed, 03 May 2023 16:25:06 GMT

Not sure how to enter HELOC mortgage interest less than $600 and thus not on 1098?
It seems in 2015 I added it, no problem. This year I don't see an obvious room for it?

It goes in the same area as your regular mortgage interes...

KarenL2 — Sat, 01 Jun 2019 04:58:46 GMT

It goes in the same area as your regular mortgage interest. You will select the small link to Add a Lender to enter it.

To get to that area in TurboTax: While inside the software and working on your return, type home equity loan in the Search at the top of the screen (you may see a magnifying glass there). There will be a popup that says Jump to home equity loan. Select that to get to the general area.

Alternatively, you can go to:

Federal Taxes tab (Person in the Home & Business version)
Deductions and Credits
Your Home
Mortgage Interest and Refinancing

The interest on up to $100,000 borrowed on a home equity loan or home equity line of credit, regardless of the reason for the loan, can be deducted in the Mortgage Interest section (Home Loan Deduction).

I appreciate the answer but in 2016 there does not seem t...

alektempski — Sat, 01 Jun 2019 04:58:48 GMT

I appreciate the answer but in 2016 there does not seem to be a clear way to state "I did not receive 1098". The only way appears to be the "seller financed, no 1098" option. Which then asks you for SSN/Employer ID of the seller and that obviously does not apply.

Enter it as if you have a Form 1098. The lender should b...

KarenL2 — Sat, 01 Jun 2019 04:58:51 GMT

Enter it as if you have a Form 1098. The lender should be able to provide all the information you need. Actually, it is probably on your HELOC statement.

Thank you Karen! The problem with this approach is that t...

alektempski — Sat, 01 Jun 2019 04:58:54 GMT

Thank you Karen! The problem with this approach is that the non-1098 interest is then reported on line 10 of the tax return as opposed to line 11 where it really needs to be.

This problem still exists in TurboTax Premiere for 2017....

roadfun — Sat, 01 Jun 2019 04:58:55 GMT

This problem still exists in TurboTax Premiere for 2017. I can find absolutely no way to mark that I did not receive a 1098 for my home equity loan interest. Even if I say I paid to an individual and got no 1098 it won't let me enter who I paid it to and the worksheet is marked as if I have a 1098 even though I clearly don't.