Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
vmansouri
New Member

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?

1 Reply
StacyC
Level 3

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: 

https://ttlc.intuit.com/replies/3302313

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Manage cookies
v