It depends. If the original loan debt was grandfathered debt taken out before October 1987 then in some cases you would use the original loan date. Otherwise the refinance loan is a new loan with a new date to consider the limitation. Click here for Publication 936 for detailed information on Mortgage Interest Deductions.
Having said that, there should still be some deductible interest. Generally, with a loan limit of $750K / average loan balance of $850K yields a percentage of approximately .88 of interest that would be deductible.
When answering the interview questions for the old (first) loan be sure to indicate "NO" this not the most recent loan. Then answer "Yes" to that question for the second (current) loan.
Ultimately if TurboTax shows your mortgage interest deduction is limited, you will arrive at a page giving you the opportunity, with help, to enter your calculation of your mortgage interest deduction.
Neither the worksheet nor your 1098 entries are transmitted to the IRS as part of your filing. So be sure to keep a copy of your calculations with your tax records should the issue ever come up.
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