2 refinance on loan over 750000

[Mike9A]

I don't seem to be getting any deduction for the mortgage interest - ouch! not acceptable.

I refiinanced twice in 2020. first one took out 50K for house renovations that I never completed and lower interest rate. Then late 2020 got even lower interest rate and took out 250K for a boat that I never got. 

The TTax instructions have me add all the interest from the 3 1098s but then I have to add the additional 2 loans right?  Also is the $ out going to be taxed as income?  How can I avoid this?

[AmyC]

You want the total of your mortgage interest that is allowable towards the purchase and improvement of your home. See Sched A line 8 instructions here. 

Related: Publication 936 (2020), Home Mortgage Interest Deduction | IRS

[Mike9A]

Thanks but you sent a link to what I believe is the problem.  Our mortgage interest deduction is denied by turbotax saying the standard deduction is higher but it clearly is not.  I have to check box 8; we took cashout to fund a business that hasn't started yet but uses of cashout has never mattered to the fed in the past; home refinance at a lower interest rate and taking cashout for various goals is key to achieving the American dream and that's been torpedoed somehow.  Our taxes skyrocketed and our income did not; this is killing us.  I'm trying to find a tax account to get us out of this disaster