I refinanced my rental home for more than I paid what perecentage of the interest can I wrote off and what percentage of financing fees

[Carl]

The amount refi'd for doesn't matter. If you'll just work it through the program and when you get to the screen that presents the option for "I refinanced this property in 2016", select it, press on and follow the prompts, answer the questions, and enter the data requested. Note that you will need the HUD-1 closing statement you were given at the refi closing. There is no "percentage" to write off of anything. Some things are amortized, some expenses are added to the cost-basis of the property, and some things are just flat out deducted. If you follow the program, it takes care of all the nitty gritty for you.

[view2 · Accepted solution]

 When you refinance a rental property for more than the previous outstanding balance, the portion of the interest allocable to loan proceeds not related to rental use generally cannot be deducted as a rental expense. Chapter 4 of Pub. 535 explains mortgage interest in detail.

Unless you use the proceeds for improving the rental property, or purchasing another rental property, you may be losing a deduction. 

You are supposed to trace how the funds are used and deduct the interest accordingly.