Where do i enter info on home improvement loan interest in 2016?

[NicoleU · Accepted solution]

You may be able to deduct Home Improvement Loan Interest if you meet a certain criteria. Usually, lenders will send you a Form 1098E to report this interest. 

The following is needed to meet the criteria.

• The loan is secured by your main home or a second home. "Secured" means the home is put up as collateral to protect the lender.
• The home with the secured loan must have sleeping, cooking, and toilet facilities.
• You or someone on your tax return must have signed or co-signed the loan.
• If you rented out the home, you must have used the home at least 14 days during the tax year or 10% of the number of days you rented it out, whichever is greater.

If you meet the criteria or have a Form 1098 E, then please see the following:

• Federal Taxes
• Deductions & Credits
• You Home
• Mortgage Interest, Refinancing, and Insurance, Click Start