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elmiraannramos
New Member

We took out a home equity loan and have two annual tax and interest statements. Do I need to enter the info or continue with the standard tax deduction?

 
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TomK
New Member

We took out a home equity loan and have two annual tax and interest statements. Do I need to enter the info or continue with the standard tax deduction?

Mortgage interest and home equity loan interest are still deductible as long as you itemize.  However, if you are married filing jointly (MFJ), your standard deduction for tax year 2018 is now $24,000.  If your interest deductions along with your other itemized deductions does not exceed $24,000, then use the standard deduction.  

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TomK
New Member

We took out a home equity loan and have two annual tax and interest statements. Do I need to enter the info or continue with the standard tax deduction?

Mortgage interest and home equity loan interest are still deductible as long as you itemize.  However, if you are married filing jointly (MFJ), your standard deduction for tax year 2018 is now $24,000.  If your interest deductions along with your other itemized deductions does not exceed $24,000, then use the standard deduction.  

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