You never get a tax deduction for building something. The money you spend to buy or build an asset is included in the "cost basis." If and when you sell, you pay tax on your capital gains, which is the difference between the selling price and your cost basis (which can also be considered what you originally invested). When building a new home, anything you pay for is included in your cost basis, including building materials and labor. You do not get a basis adjustment for labor you provide yourself or other volunteer labor, only costs you actually paid for. You can also include the cost of the land, and the costs for building permits, inspections, utility hookups, and some required fees. There is a list of qualifying items beginning on page 8 of publication 523.
https://www.irs.gov/forms-pubs/about-publication-523
You need to keep track of your basis (receipts, other proof of costs) for as long as you own the home plus 3 years after you sell, so you can properly determine your capital gains when you sell.
You can, of course, deduct property taxes you actually pay. You don't deduct money paid into escrow, if your mortgage has an escrow account, you only deduct the property taxes when the taxing authority (city, county, etc.) is actually paid.
You can deduct mortgage interest on your main home and on one second home (like a vacation home). If this home will count, then you can also deduct the interest on a construction loan, as long as you meet three conditions; the construction loan is secured by the land, you convert the construction loan to a mortgage when construction is finished, and you finish construction in 2 years or less. If you fund the construction with cash or other loans not secured by the property, you can't deduct the interest.
