Possibly. If you did a home equity loan and used it to buy, build or substantially repair your home, then the interest would be deductible as an itemized expense. If this is the case, then you should have received a 1098-T to enter on your return.
If you did not use the loan to buy, build or substantially repair the home in which the loan is secured by, then NO it is not an itemized deductible expense.
Deducting Mortgage Interest FAQs
Itemized expenses include mortgage interest, gambling losses up to winnings, charitable contributions, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss. Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your expenses.
The 2024 Standard Deductions are as follows:
- Married Filing Joint (MFJ) $29,200
- Married Filing Separate (MFS) $14,600
- Head of Household (HOH) $21,900
- Single $14,600
Blind or over 65 and MFJ or MFS add $1,550
Single or HOH if blind or over 65 add $1,950
Standard versus Itemized Deduction
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