We have taken out a construction loan to build a home, is there anything we can use to deduct from this loan?

[TomYoung]

You should be able to deduct, as an itemized deduction, the interest on this loan as "mortgage interest" if you meet the IRS guidelines:

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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 begins
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Tom Young