The interest on my home equity line of credit is not getting deducted. The interest on my mortgage is less than the HELOC whose value is less than $1,000,000.
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The interest on my home equity line of credit is not getting deducted. The interest on my mortgage is less than the HELOC whose value is less than $1,000,000.
the interest on my HELOC is about $11,000. If I enter $5, I see the same tax burden, if I increase to $20,000, I get a deduction. Is there a reason I don't get the deduction at $11,000?
The interest on my home equity line of credit is not getting deducted. The interest on my mortgage is less than the HELOC whose value is less than $1,000,000.
In order to get the benefit for your mortgage interest deduction you need to be itemizing your deductions. So it's possible that at $11k of mortgage interest the total of your itemized deductions is not greater than the standard deduction, but that at $20k the itemized deductions DO exceed the standard deduction. If you're filing single the standard deduction is $12k, if you are married filing jointly it's $24k.
Please visit this comprehensive article for more information about the standard and itemized deductions:
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