Home Mortgage Qualify
Does this described as mortgage interest on my taxes?
I currently have a home mortgage. I just bought land to build a new home. Can this interest be deducted from my taxes or just my home interest deductible?
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 is ready for occupation. The 24-month period, begin any time on or after the day construction begins. If construction on the land is not going so no you could not claim the interest on the loan. Publication 936http: / / www.irs.gov/publications/p936/ar02.html # d0e668