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Can i deduct interest paid on a construction loan while I was building a home?
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Yes you can deduct the interest on your construction loan if the loan was secured by the property you moved into.
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 date that construction begins.
Please visit Home Mortgage Interest Deduction and refer to page 4 with the heading "Home under construction" for more information.
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