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The IRS lets you deduct your mortgage interest, but only if you take the itemized deduction. You can't deduct the principal (the borrowed money you're paying back).
In addition to itemizing, these conditions must be met for mortgage interest to be deductible:
Mortgage interest is usually reported on Form 1098, Mortgage Interest Statement. After you enter your 1098 in TurboTax, we'll ask a series of follow-up questions to make sure you're qualified to take the deduction.
To enter your Home Equity Line of Credit (HELOC) mortgage interest :
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