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?

trino75 · ‎January 30, 2020

BarbaraW22 · ‎January 31, 2020

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

trino75 · ‎February 12, 2020

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.

Expert does your taxes

Do it yourself

Resources

Support

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?