https://ttlc.intuit.com/community/retirement/discussion/don-t-get-how-to-calc-how-i-spent-the-cashed-out-on-my-refi-in-2016-what-if-the-was-used-mostly-for/01/2041403#M137320 Some of the $ was used to pay off other debts but I already reported that a few years ago. Sun, 07 Mar 2021 18:15:12 GMT Miss-Q 2021-03-07T18:15:12Z https://ttlc.intuit.com/community/retirement/discussion/don-t-get-how-to-calc-how-i-spent-the-cashed-out-on-my-refi-in-2016-what-if-the-was-used-mostly-for/01/2041403#M137320 Some of the $ was used to pay off other debts but I already reported that a few years ago. Sun, 07 Mar 2021 18:15:12 GMT https://ttlc.intuit.com/community/retirement/discussion/don-t-get-how-to-calc-how-i-spent-the-cashed-out-on-my-refi-in-2016-what-if-the-was-used-mostly-for/01/2041403#M137320 Miss-Q 2021-03-07T18:15:12Z https://ttlc.intuit.com/community/retirement/discussion/re-don-t-get-how-to-calc-how-i-spent-the-cashed-out-on-my-refi-in-2016-what-if-the-was-use/01/2052377#M138329 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">If&nbsp; the loan was outstanding in 2020&nbsp;and mortgage interest is being reported,&nbsp;under current rules, you will enter the cash withdrawal to determine whether the mortgage interest is deductible in total or in part.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">I understand you to say that you have <U>one 1098</U> reporting mortgage interest on your home.&nbsp; </SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The loan refinance: </SPAN></SPAN></P> <UL> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Originated in 2016,</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You removed some amount of cash, and</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">This cash was used for home improvements on the home by which the loan is secured.</SPAN></SPAN></LI> </UL> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Please clarify if I am mistaken.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Under the current rules, at the screen I<STRONG>s this loan a home equity line of credit or a loan you're ever refinanced?</STRONG>, you would click <STRONG>Yes</STRONG> at the question <STRONG>Have you ever pulled cash out of this loan when refinancing it?</STRONG></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">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.</SPAN></SPAN></P> Tue, 09 Mar 2021 18:04:46 GMT https://ttlc.intuit.com/community/retirement/discussion/re-don-t-get-how-to-calc-how-i-spent-the-cashed-out-on-my-refi-in-2016-what-if-the-was-use/01/2052377#M138329 JamesG1 2021-03-09T18:04:46Z https://ttlc.intuit.com/community/retirement/discussion/re-don-t-get-how-to-calc-how-i-spent-the-cashed-out-on-my-refi-in-2016-what-if-the-was-use/01/2052595#M138349 <P>see the discussion here.</P><P><A href="https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-how-long-do-i-report-cash-out-of-loan-that-has-since-been-refi-d/01/2033981#M65936" target="_blank">https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-how-long-do-i-report-cash-out-of-loan-that-has-since-been-refi-d/01/2033981#M65936</A></P><P>&nbsp;</P> Tue, 09 Mar 2021 18:36:40 GMT https://ttlc.intuit.com/community/retirement/discussion/re-don-t-get-how-to-calc-how-i-spent-the-cashed-out-on-my-refi-in-2016-what-if-the-was-use/01/2052595#M138349 fanfare 2021-03-09T18:36:40Z