Refinance and payoff of a Heloc from proceeds plus extra cash, under $375,000

[Tryingtobe]

I refinanced in early 2020 where the money was used to payoff the old mortgage and a HELOC, plus I received extra cash of about $11,000.  The new mortgage and the old one was under $375,000 (actually under $200,000). How do I add those 1098's into TurboTax?  Do I need documents other than the 1098's themselves?  Also the new mortgage is cosigned by someone else but they make no payments and did not receive the proceeds in any way.  Thanks.

[AmyC · Accepted solution]

Your mortgage interest minus the $11,000 portion would be tax deductible then. Calculate the percentage that accounts for of the new loan and subtract it/

You can add together the allowed deductible interest and put in that one entry. Keep a note somewhere of how you got that amount with your taxes. Keeping track of that $11,000 every year will become a trackable item to watch.

You can enter the new balance as the amount of the loan.