I have a mortgage (1996) and a HELOC (2011) What does Debt on date last secured mean on the Mortgage Interest Wks? Is it the mortgage debt at the start of the HELOC?

[MichaelMc · Accepted solution]

The "Debt on date last secured" with respect to any particular loan is the debt on the date that you last signed a mortgage note or similar instrument for that loan. For a mortgage that has not been refinanced, it would be the original debt on the date of settlement.

For a HELOC, if there is an outstanding balance on the date the security agreement is signed, report that amount. Otherwise, I would suggest using the high balance for the year.

The Tax Cuts and Jobs Act of 2017 suspends the deduction for home equity interest from 2018 to 2025, unless the loan is used to “buy, build or substantially improve” the home that secures the loan.

[mmpj]

Does this mean the debt for the original mortgage, the HELOC, or both?