Does this qualify as mortgage interest on my taxes?
Written By: admin on October 27, 2009
2 Comments
I currently have a home mortgage. I just bought land to build a new home on. Can this interest also be deducted from my taxes or is only my home mortgage interest deductible?
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Home under construction. 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 starts.
If construction on the land is not in progress then no you could not claim the interest on the loan.
Publication 936http://www.irs.gov/publications/p936/ar02.html#d0e668
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