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jtlane55
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We have taken out a construction loan to build a home, is there anything we can use to deduct from this loan?

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

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

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