Can I deduct HELOC interest & where?

[Carl]

What did you do with the money from the HELOC? It matters.

If the money was not used to "buy, build or improve" the home that secures the loan, then the interest is not deductible on SCH A. But if you used the money for something else,  you may be able to claim/deduct the interest depending on what that "something else" was you used it for. (For example, to purchase a business property of some type.)

[mygoldengirl]

Thank you for the answer to the first part of my question. Now where in TurboTax is that to be entered?

[Carl]

Now where in TurboTax is that to be entered?

Can't know until you share what you used the money for. That determines if you can claim it, and if so, where you claim it.

[Carl]

Now where in TurboTax is that to be entered?

Can't know until you share what you used the money for. That determines if you can claim it, and if so, where you claim it.

[mygoldengirl]

Home improvements

[Carl]

If the money was used to improve your primary home and the primary home secures that loan, then on the 1098 either box 7 is checked, or the address of the property that secures the loan is shown in box 8.  In that case, it's a SCH A itemized deduction and gets entered in the same place your enter your primary loan mortgage interest. That would be under the Deductions & Credits tab in the "Your Home" section where it asks for mortgage interest.

[2019 Silverado]

I used Heloc money from primary residence to improve on my rental properties. Can I deduct the paid interst and where ?. 

[DawnC]

Yes, on Schedule E.   It is a rental expense.   To record your rental expenses on Schedule E, follow the instructions in this link.  It does not go on Schedule A, which is only for your personal home mortgage interest.