1) You
will report this amount as Other
Income. To do this in TurboTax
- In your open Federal return, choose
the tab for Wages & Income
- Scroll down to Less
Common Income and Show more
-
Start/Revisit Miscellaneous Income and
choose Other reportable income
- Say Yes to continue to the screen "Other
Taxable Income". Enter your item description and the amount.
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.