tax time: can I deduct points from a 1 yr purchase loan?

[Thaddeus Koster]

so there's lots of information out there about how to deduct points on a mortgage over time. I just bought a rental property last year using a private money loan, and I can't seem to find any info on whether I can deduct the points on that or not. since the usual formula is to divide the points by the mortgage term, the deduction is usually very low... but the points on a private money loan are high, and the term is very short, so the deduction would be big. Am I totally misunderstanding how this works?