topic Home Equity Line of Credit question in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/home-equity-line-of-credit-question/01/425739#M54249 <P>In 2018, I paid off a HELOC in the amount of $45k using money from a new HELOC I established with a limit of $90k. &nbsp;I did that because the company that offered the first HELOC no longer offered it and I needed to increase the limit. &nbsp;So I established a new HELOC with another company. &nbsp;Later in the year, I borrowed another $6k from the new HELOC.</P><P>Turbotax is asking me to enter the amount I borrowed for the new HELOC. &nbsp;Does it mean to enter the amount I borrowed when I set up the new HELOC ($45k)? &nbsp;Or does it mean for me to enter the entire amount I borrowed for the year 2018?</P><P>This confused me because the next question below this one asks me to enter the "ending mortgage balance", or ending balance of the HELOC.</P> Tue, 04 Jun 2019 21:27:33 GMT jvesterby 2019-06-04T21:27:33Z Home Equity Line of Credit question https://ttlc.intuit.com/community/tax-credits-deductions/discussion/home-equity-line-of-credit-question/01/425739#M54249 <P>In 2018, I paid off a HELOC in the amount of $45k using money from a new HELOC I established with a limit of $90k. &nbsp;I did that because the company that offered the first HELOC no longer offered it and I needed to increase the limit. &nbsp;So I established a new HELOC with another company. &nbsp;Later in the year, I borrowed another $6k from the new HELOC.</P><P>Turbotax is asking me to enter the amount I borrowed for the new HELOC. &nbsp;Does it mean to enter the amount I borrowed when I set up the new HELOC ($45k)? &nbsp;Or does it mean for me to enter the entire amount I borrowed for the year 2018?</P><P>This confused me because the next question below this one asks me to enter the "ending mortgage balance", or ending balance of the HELOC.</P> Tue, 04 Jun 2019 21:27:33 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/home-equity-line-of-credit-question/01/425739#M54249 jvesterby 2019-06-04T21:27:33Z For the first question for the amount you borrowed you wi... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/for-the-first-question-for-the-amount-you-borrowed-you-wi/01/425746#M54251 <P>For the first question for the amount you borrowed you will enter the amount borrowed when you set up the new HELOC.&nbsp;</P> Tue, 04 Jun 2019 21:27:35 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/for-the-first-question-for-the-amount-you-borrowed-you-wi/01/425746#M54251 Vanessa 2019-06-04T21:27:35Z
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topic Home Equity Line of Credit question in Deductions & credits
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<P>In 2018, I paid off a HELOC in the amount of $45k using money from a new HELOC I established with a limit of $90k. &nbsp;I did that because the company that offered the first HELOC no longer offered it and I needed to increase the limit. &nbsp;So I established a new HELOC with another company. &nbsp;Later in the year, I borrowed another $6k from the new HELOC.</P><P>Turbotax is asking me to enter the amount I borrowed for the new HELOC. &nbsp;Does it mean to enter the amount I borrowed when I set up the new HELOC ($45k)? &nbsp;Or does it mean for me to enter the entire amount I borrowed for the year 2018?</P><P>This confused me because the next question below this one asks me to enter the "ending mortgage balance", or ending balance of the HELOC.</P>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/home-equity-line-of-credit-question/01/425739#M54249
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<P>In 2018, I paid off a HELOC in the amount of $45k using money from a new HELOC I established with a limit of $90k. &nbsp;I did that because the company that offered the first HELOC no longer offered it and I needed to increase the limit. &nbsp;So I established a new HELOC with another company. &nbsp;Later in the year, I borrowed another $6k from the new HELOC.</P><P>Turbotax is asking me to enter the amount I borrowed for the new HELOC. &nbsp;Does it mean to enter the amount I borrowed when I set up the new HELOC ($45k)? &nbsp;Or does it mean for me to enter the entire amount I borrowed for the year 2018?</P><P>This confused me because the next question below this one asks me to enter the "ending mortgage balance", or ending balance of the HELOC.</P>
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<pubDate>Tue, 04 Jun 2019 21:27:33 GMT</pubDate>
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<dc:creator>jvesterby</dc:creator>
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For the first question for the amount you borrowed you wi...
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/for-the-first-question-for-the-amount-you-borrowed-you-wi/01/425746#M54251
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<P>For the first question for the amount you borrowed you will enter the amount borrowed when you set up the new HELOC.&nbsp;</P>
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<pubDate>Tue, 04 Jun 2019 21:27:35 GMT</pubDate>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/for-the-first-question-for-the-amount-you-borrowed-you-wi/01/425746#M54251
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<dc:creator>Vanessa</dc:creator>
<dc:date>2019-06-04T21:27:35Z</dc:date>
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