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1) You will report this amount as Other Income. To do this in TurboTax
2) The Tax Cuts and Jobs Act of 2017, has suspended from the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan. If you used your Home Equity Line of Credit for this purpose, then yes, you can claim the interest.
1) You will report this amount as Other Income. To do this in TurboTax
2) The Tax Cuts and Jobs Act of 2017, has suspended from the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan. If you used your Home Equity Line of Credit for this purpose, then yes, you can claim the interest.
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