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posted Feb 7, 2022 2:50:43 PM

Is a construction loan counted as a second home for interest deductions from a 1098? This will be our main hone for 3/4 of 2022. Can I claim this interest paid?

I have already re4corded the 1098 interest for my current main home. I need to record interest from a 1098 that is not my main home today, but will be my main home i9n March 2022. This is interest on a new home construction loan.

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1 Best answer
Expert Alumni
Feb 7, 2022 3:05:48 PM

Yes, you may deduct the construction loan interest for your second home so long as the home becomes your main home or second home on the day it's ready for occupancy.  You can deduct all the interest you paid on the construction loan within 24 months before the home was completed.

1 Replies
Expert Alumni
Feb 7, 2022 3:05:48 PM

Yes, you may deduct the construction loan interest for your second home so long as the home becomes your main home or second home on the day it's ready for occupancy.  You can deduct all the interest you paid on the construction loan within 24 months before the home was completed.