Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses)
Question: I have a mortgage for land that I intend to build a home on. Can the interest be deducted for the mortgage?
You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy. The 24-month period can start any time on or after the day construction begins. As a qualified home, the interest paid within certain limitations may qualify as deductible mortgage interest.
Category: Itemized Deductions, Standard Deductions
Subcategory: Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses)