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c_1
February 29, 2020
Question

Home equity loan

  • February 29, 2020
  • 1 reply
  • 0 views

I have a new home equity loan ( not a HELOC) in 2019.  How do I accurately enter the loan interest information and answer the questions re: this loan.  It is not the original loan for the home nor is it a HELOC which are the 2 choices given.  

    1 reply

    N
    NCPERSON1
    February 29, 2020

    just answer that it is a HELOC - there is no difference to the IRS between a HE LOAN and a HELOC and what TT is trying to determine is whether the interest is tax deductible or not.   

     

    the interest will only be deductible if the money was used to substantially improve your home 

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