Generally points paid to refinance your home are not deductible in their entirety in the year paid. They are "amortized" or deducted over the life of the loan. For more information, refer to Publication 936, Home Mortgage Interest Deduction, and Tax Topic 504, Home Mortgage Points.

References:

• Publication 936, Home Mortgage Interest Deduction
• Tax Topic 504, Home Mortgage Points

Source: www.irs.gov