Don't get how to calc. how I spent the $ cashed out on my refi in 2016. What if the $ was used mostly for home improvements but I already reported them in previous year?

[Miss-Q]

Some of the $ was used to pay off other debts but I already reported that a few years ago.

[JamesG1]

If  the loan was outstanding in 2020 and mortgage interest is being reported, under current rules, you will enter the cash withdrawal to determine whether the mortgage interest is deductible in total or in part.

I understand you to say that you have one 1098 reporting mortgage interest on your home. 

The loan refinance:

• Originated in 2016,
• You removed some amount of cash, and
• This cash was used for home improvements on the home by which the loan is secured.

Please clarify if I am mistaken.

Under the current rules, at the screen Is this loan a home equity line of credit or a loan you're ever refinanced?, you would click Yes at the question Have you ever pulled cash out of this loan when refinancing it?

You would then answer the interview questions to find out whether any or all of the mortgage interest will be deductible on your current year tax return.

[fanfare]

see the discussion here.

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-how-long-do-i-repo...