You can deduct any real estate taxes that you paid, but you can't deduct interest on a personal loan to buy land, at least until construction begins.
Here is an excerpt from the IRS website on this topic:
"Question: I have a mortgage for land that I intend to build a home on. Can I deduct the interest for the mortgage?
Answer: 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. 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's ready for occupancy. The 24-month period can start any time on or after the day construction begins. As a qualified home, the interest paid may qualify as deductible mortgage interest, with certain limitations."
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