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Get your taxes done using TurboTax
do you mean lot rather than long? possibly not deductible. for the interest to be deductible the loan must be used to build an addition to an existing home. the loan must be secured by the taxpayer's home, not exceed the cost of the home, and is subject to the general mortgage debt limits There are special rules if the debt is a construction loan, ie the lot was bought to build an addition to the main house.
March 6, 2023
1:07 PM