If the construction loan was secured by your new home, you would amortize those points over the life of the loan. In your case, allocate the points over six months and deduct the portion that applies to each tax year.
If you take out a new mortgage to pay off that loan (also secured by the home), you are essentially refinancing the construction loan. If you refinance with a different bank than the one holding the construction loan (or pay it off with cash), you can deduct your remaining points on the construction loan when you pay it off.
However, if you refinance with the same bank, you must roll those points into the new loan and start the clock all over again.
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