You will include both of them because a refinance creates a new loan, but don't combine them. There will be a link to Add a Lender after you have fully completed entering the first Form 1098.
When
you enter the new mortgage interest, the software will ask you questions about
the new loan and you will be able to select that it was a refinance. Here's where to go:
-
Federal Taxes tab (Personal in the Home and
Business Version)
- Deductions and Credits
- Your Home
-
Mortgage Interest and
Refinancing (select
Add a Lender if you have already entered one)
You can deduct any interest or real estate taxes on your
Settlement Statement that are not
already included on your Form 1098. Only
pro-rated amounts can be deducted, not prepaid amounts held for escrow.
Also, you can deduct qualified
points paid on a mortgage, but they have to be spread out over the term of the loan. The software will prompt you to select
that. (Points can also be called loan origination fees, maximum
loan charges, discount points, or loan discount.)
What kinds of refinancing costs can I deduct?
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