Can I deduct the interest on a HELOC? Starting balance in 2016 was $125,646 I paid it off with life insurance money in august? The interest amount was $2,074.97.

shop09 · ‎June 3, 2019

I am filing jointly with my husband but my husband passed away in 2016. That is why there was life insurance money to pay off the loan.

PatriciaV · ‎June 3, 2019

Condolences on the loss of your husband.

Yes, you may report the interest paid on a home equity line of credit, if the loan was secured by your personal residence. This interest is reported Schedule A as an itemized deduction.

To find this section in TurboTax, open your return, then go to My Account >> Tools >> Topic Search. Type in "itemized deductions", then click the topic in the list and GO to go directly to the start of this section. Select "I'll choose what I work on." On the Deductions & Credits page, click Start beside "Mortgage Interest" under Your Home.

Follow the prompts to enter the interest you paid on the HELOC.

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Can I deduct the interest on a HELOC? Starting balance in 2016 was $125,646 I paid it off with life insurance money in august? The interest amount was $2,074.97.