I got a home equity line of credit in 2016. I did not receive a 1098 form but have a statement as of Dec 31, 2016. Do I enter this info in Mortgage deduction summary?

Tax Year 2016: I got a home equity line of credit in 2016. I did not receive a 1098 form but have a statement as of Dec 31, 2016. Do I enter this info in Mortgage deduction summary?

posted

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: