Can I deduct the interest on a HELOC? Starting balance in 2016 was $125,646 I paid it off with life insurance money in august? The interest amount was $2,074.97.

shop09 — Mon, 03 Jun 2019 19:10:00 GMT

I am filing jointly with my husband but my husband passed away in 2016. That is why there was life insurance money to pay off the loan.

Condolences on the loss of your husband. Yes, you may rep...

PatriciaV — Mon, 03 Jun 2019 19:10:01 GMT

Condolences on the loss of your husband.

Yes, you may report the interest paid on a home equity line of credit, if the loan was secured by your personal residence. This interest is reported Schedule A as an itemized deduction.

To find this section in TurboTax, open your return, then go to My Account >> Tools >> Topic Search. Type in "itemized deductions", then click the topic in the list and GO to go directly to the start of this section. Select "I'll choose what I work on." On the Deductions & Credits page, click Start beside "Mortgage Interest" under Your Home.

Follow the prompts to enter the interest you paid on the HELOC.

topic Can I deduct the interest on a HELOC? Starting balance in 2016 was $125,646 I paid it off with life insurance money in august? The interest amount was $2,074.97. in Deductions & credits

Can I deduct the interest on a HELOC? Starting balance in 2016 was $125,646 I paid it off with life insurance money in august? The interest amount was $2,074.97.

Condolences on the loss of your husband. Yes, you may rep...