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February 13, 2025
Question

Home Equity Loan Interest

  • February 13, 2025
  • 1 reply
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I have  paid interest to my bank on a home loan and have a home equity loan with the same bank on my home. I've paid interest on both loans.  Should I combine the total home loan interest paid to the bank for both loans in one field on Turbotax or treat them separately and use 2 fields to enter the info.?  

    1 reply

    February 13, 2025

    You should report each 1098 separately on the return. The IRS will be looking for 2 separate 1098 filings on your return. 


    FYI: Home Equity Loan Interest - As long as the amount is used to buy, build, or improve your home, it qualifies for the interest deduction.

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