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J
JJ_CaliforniaLove
Level 2
April 8, 2022

Newbie Question: Taxpayer has a Home Equity Line of Credit (HELOC) on their paid off home. Do I complete a Form 4562? Not sure what to do!

  • April 8, 2022
  • 1 reply
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    1 reply

    IRonMaN
    IRonMaN
    Level 15
    April 8, 2022

    You do nothing, unless the proceeds were used for improvements on the house.

    Slava Ukraini!
      J
      JJ_CaliforniaLoveAuthor
      Level 2
      April 9, 2022

      Thank you IRonMaN! I'll follow up with the client to see what they used the proceeds of the HELOC for.  If they did use them for home improvements in 2021, then what should my next step be?

        IRonMaN
        IRonMaN
        Level 15
        April 9, 2022

        Then they would be eligible for mortgage interest on schedule A.

        Slava Ukraini!
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