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We received a 1098 Mortgage Interest from our bank. It doesn't say it is for a HELOC we are using for college expenses. Can we deduct interest?
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posted
January 30, 2020
8:58 PM
last updated
January 30, 2020
8:58 PM
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We received a 1098 Mortgage Interest from our bank. It doesn't say it is for a HELOC we are using for college expenses. Can we deduct interest?
No, since you are using the loan for college expenses, it is not deductible as mortgage interest. You can no longer deduct the interest from a loan secured by your home to the extent the loan proceeds were not used to buy, build, or substantially improve your home.
Please refer to this TurboTax article for more information.
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January 31, 2020
1:51 PM
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We received a 1098 Mortgage Interest from our bank. It doesn't say it is for a HELOC we are using for college expenses. Can we deduct interest?
Thanks, I kind of figured that, but wanted to see if the laws had change by chance. It was one of the reasons we did the HELOC because at the time it was deductible before 2018.
February 12, 2020
9:07 PM
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