Yes, you can deduct it. You will want to confirm that the amount on your statement is the actual amount of interest paid. Most mortgage companies have the information online or through an automated phone system.
The interest on up to $100,000 borrowed on a home equity loan or home equity line of credit, regardless of the reason for the loan, can be deducted in the Mortgage Interest section (Home Loan Deduction).
To get to that area in TurboTax: While inside the software and working on your return, type home equity loan in the Search at the top of the screen (you may see a magnifying glass there). There will be a popup that says Jump to home equity loan. Select that to get to the general area.
Alternatively, you can go to:
- Federal Taxes tab (Person in the Home& Business version)
- Deductions and Credits
- Your Home
- Mortgage Interest and Refinancing and Property Taxes