Re: Const loan that was opened in 2020, but house was still under construction 12/31/20. I have a 1098 for interest pd on the const loan. Can I still report interest pd?

Const loan that was opened in 2020, but house was still under construction 12/31/20. I have a 1098 for interest pd on the const loan. Can I still report interest pd?

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Yes, you can deduct the interest on the construction loan.

Please read this Community answer for more information.

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Interest on the construction loan can be treated as deductible mortgage interest as long as you meet 2 conditions.

1. You complete construction within 24 months.

2. At the end of construction, the construction loan is converted into a mortgage.

If you fail to meet either condition, you would have to go back and amend your prior tax returns to remove the interest deduction.

IRS sent me a notice that I have to pay due tax with penalties and interests. I paid it online to IRS but like to amend my return. How to amend the amount already paid?

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Const loan that was opened in 2020, but house was still under construction 12/31/20. I have a 1098 for interest pd on the const loan. Can I still report interest pd?

Const loan that was opened in 2020, but house was still under construction 12/31/20. I have a 1098 for interest pd on the const loan. Can I still report interest pd?

Const loan that was opened in 2020, but house was still under construction 12/31/20. I have a 1098 for interest pd on the const loan. Can I still report interest pd?

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Const loan that was opened in 2020, but house was still under construction 12/31/20. I have a 1098 for interest pd on the const loan. Can I still report interest pd?

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Const loan that was opened in 2020, but house was still under construction 12/31/20. I have a 1098 for interest pd on the const loan. Can I still report interest pd?

Const loan that was opened in 2020, but house was still under construction 12/31/20. I have a 1098 for interest pd on the const loan. Can I still report interest pd?

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