Comments on: Does this qualify as mortgage interest on my taxes? http://planning-financial.com/does-this-qualify-as-mortgage-interest-on-my-taxes/ We offer the most comprehensive information on financial planning to help for your financial planners. Check our selected financial planning guides and financial future reviews at our site. Wed, 17 Mar 2010 10:49:54 -0500 http://wordpress.org/?v=2.8 hourly 1 By: Does this qualify as mortgage interest on my taxes? http://planning-financial.com/does-this-qualify-as-mortgage-interest-on-my-taxes/comment-page-1/#comment-5834 Does this qualify as mortgage interest on my taxes? Tue, 27 Oct 2009 22:39:28 +0000 #comment-5834 [...] News Sources wrote an interesting post today onHere’s a quick excerptI currently have a home mortgage. I just purchased land to build a new home on. Can this interest also be deducted from my taxes or is only my home mortgage interest deductible? Related Articles Should I Stay Away From A Second Mortgage Interest Only Loan … Mortgage Rates: Current Mortgage Rates October 27, 2009 @ [...] [...]

[...] News Sources wrote an fascinating post today onHere’s a quick excerptI 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? Related Articles Should I Stay Away From A Second Mortgage Interest Only Loan … Mortgage Rates: Current Mortgage Rates October 27, 2009 @ [...] [...]

]]> By: Rob http://planning-financial.com/does-this-qualify-as-mortgage-interest-on-my-taxes/comment-page-1/#comment-5831 Rob Tue, 27 Oct 2009 14:42:14 +0000 #comment-5831 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 begins. 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

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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