Yes, you can.
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. I would still suggest you to contact your bank to verify whether you will receive the Form 1098. As IRS also receives a copy of the form, it is important to report it correctly on your taxes so to match IRS' record. If they will not send you one for whatever reasons, and if you did pay your mortgage interest during 2020, you will still be able to claim it on your tax return. Here are steps:
In TurboTax online,
- Sign in to your account, select Pick up where you left off
- At the right upper corner, in the search box, type in "1098" and Enter
- Select Jump to 1098
- Follow prompts
Note that your mortgage interest might not change your total tax refund. It will only change if your total itemized deductions including the mortgage interest exceeds your standard deduction. In the TurboTax program, when you enter itemized deductions such as mortgage interest, property taxes, medical expenses, charitable contributions, all of these items are added together. Unless the total of itemized deductions exceeds the standard deduction for your filing status, you would not see any change in tax due or refund.
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