Generally, interest paid on equity loans is tax deductible,To qualify, you must have obtained the loan after Oct 13, 1987 and it must also be secured by your home. For tax purposes, only the balance of the loan that is the smaller of $100,000 or your equity in the home qualifies for the interest deduction.
To record your interest, login and press the "Take me to my return" button
- Select the TurboTax "Search" button located near the top right of your screen
- Type "1098" into the search box
- Select "Jump to 1098" from the results list
- Answer the questions on the following screens to record your home equity line of credit