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You will enter the value that is on the mortgage interest statement. Otherwise none of the interest is deductible.
The interest on the HELOC is only deductible on the percentage of the loan that was used to substantially improve the value of your home. So if you used the HELOC partially to pay off debt then you will need to separate out that percentage of the interest and only deduct the home improvement percentage.
Combine the mortgage interest and the HELOC interest that was used for home improvement into one number as though they had been received on one form 1098. Then enter the amount from the mortgage interest statement box 2 in the box 2 area.
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