Ulysses Failey: Repair and remodeling expenses are NEVER a tax deduction. Remodeling expenses ONLY come into play when you sell you home as they will increase your cost basis. Repairs are NEVER EVER deductible....EVER.
Mitchell Pickens: you can deduct any points and/or transfer taxes you paid to do this loan. You can also deduct all the interest you pay on this loan for the year. You can also deduct any interest you paid on the old loan for the same year. If you have paid points on the older loan but had to amortize them over the life of that loan because it was a refinance, then you could also take the remaining amortization on that loan that you have not deducted yet for the same year.
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