It depends. If you refinanced the loan and used the money exclusively for the home such as remodel or home improvement, then home mortgage interest on your refinanced home loan would be fully deductible. Based on your question, you may revisit your account and re-check your answers.
Here are the steps that may help your situation:
- Login to Turbo Tax.
- Under Federal Taxes, in Deduction and Credit tab, click "I'll choose what I work on".
- Under " Your 2020 Deduction and Credit", click update or start next to Mortgage Interest, Refinancing, and Insurance.
- Under " Home Loan deduction summary" click edit and enter the lender's information, one at a time.
- Click continue until you get to the screen " Is this loan secured by a property of yours?"
- Click Done.
- The next screen is a question " Do any of the situation apply to you?". Your answer here will determine if your loan exceeded the allowed loan amount.
