I didn't refinance. I have a home equity line of credit with Bank of America.

You would answer the question, "Is this loan a home equity line of credit or a refinance of a previous loan?" by selecting "This loan is a home equity line of credit (HELOC)".  You will enter both Forms 1098 and answer all of the follow-up questions for TurboTax to determine your interest deduction.

You can get back to the Form 1098 questions in TurboTax by clicking on the" Search" icon at the top right of your screen and typing "1098" in the search bar.  Then select "Jump to 1098".

If you have a Home Equity Line of Credit that you used to pay off personal debt you may not be able to deduct the entire interest. You can only deduct the interest on the portion of the loan or line of credit you used to buy, build, or substantially improve the home that is used to secure the loan or line of credit

 You will only be able to deduct the interest for the portion of your line of credit that you used to buy, build, or substantially improve the home that you used to secure the line of credit.  

You must meet the following conditions to deduct interest on a home equity line of credit:

• The line of credit must be secured by your home.
• Your home that is securing the loan must have sleeping, cooking, and toilet facilities.
• You or someone who is on your tax return must have signed or co-signed the home equity line of credit.

Your TurboTax screens will look something like this:

To search for your Form 1098 screens:

To designate your Form 1098 for your HELOC:

To report if the HELOC was used exclusively for your home:

You can figure out how much interest you can deduct and learn more about the rules summarized above, see IRS Publication 936: Home Mortgage Interest Deduction.

Click here for additional information on the Mortgage Interest Deduction

Click here for additional information on mortgage interest.

Click here for additional information regarding deducting interest on a Home Equity Line of Credit.