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J
jondimals1
April 9, 2025
Question

Do i need to report Heloc interest paid when bank does not issue form when interest paid is less than $600. (Amt is $129 and not worth deducting) Report or no?

  • April 9, 2025
  • 1 reply
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1 reply

V
Vanessa A
April 9, 2025

No.  You do not need to report HELOC interest on your return.

 

If you are itemizing your return and the HELOC was used to buy, build, or substantially improve the home that secures the loan, then you can add the interest in even if you did not get a 1098.  However, if you are not itemizing or you used the money for anything other than the above, then you would not enter it on your return. 

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