IF I DID NOT PAY OVER $600.00 IN INTEREST ON A HOME EQUITY LOAN, SHOULD I DELETE THE ENTRY?

nancygalardi — Tue, 04 Jun 2019 18:53:18 GMT

There is no reason to delete this entry. Even if you d...

ToddL — Tue, 04 Jun 2019 18:53:19 GMT

There is no reason to delete this entry.

Even if you did not receive a Form 1098-INT for the mortgage interest paid, you still paid it. If you otherwise qualify to claim a mortgag4 interest deduction (see below), you don't have to have a 1098-INT

The interest is deductible only if the loan is secured debt. Secured debt is represented by a signed instrument (such as a mortgage, a deed of trust or land contract) that:

Makes the borrower’s ownership in a qualified home security for payment of the debt,
Provides, in case of default, that the home could satisfy the debt, and
Is recorded or is otherwise perfected under any applicable state or local law.

If above conditions are met, you may deduct interest as your mortgage interest. If not, the loan is considered personal and is not tax deductible.

topic IF I DID NOT PAY OVER $600.00 IN INTEREST ON A HOME EQUITY LOAN, SHOULD I DELETE THE ENTRY? in Deductions & credits

IF I DID NOT PAY OVER $600.00 IN INTEREST ON A HOME EQUITY LOAN, SHOULD I DELETE THE ENTRY?

There is no reason to delete this entry. Even if you d...