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February 19, 2022
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Can I deduct mortgage interest on a vacant land loan?

  • February 19, 2022
  • 1 reply
  • 42 views
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Best answer by ColeenD3

Unfortunately, no.

 

No, you can't deduct interest on land that you keep and intend to build a home on. However, some interest may be deductible once construction begins. ... As a qualified home, the interest paid may qualify as deductible mortgage interest, with certain limitations.

1 reply

ColeenD3
ColeenD3Answer
Alumni - Intuit
February 19, 2022

Unfortunately, no.

 

No, you can't deduct interest on land that you keep and intend to build a home on. However, some interest may be deductible once construction begins. ... As a qualified home, the interest paid may qualify as deductible mortgage interest, with certain limitations.