Yes, you can deduct the interest on your home equity line of credit.
However, you can deduct interest on no more than a $100,000 loan if you use the loan for any other purpose than to purchase or improve your home.
To enter mortgage interest
- Click on Federal Taxes (Personal using Home and Business)
- Click on Deductions and Credits
- Click on I'll choose what I work on (if shown)
- Under Your Home
- On Mortgage Interest, click on the start or update button