If you are building a house where you bought land and got a construction loan, you can deduct the interest you paid on the construction loan and your property taxes.
Obviously, you can't live in a home while it's being built. Fortunately, the tax law gives you a break here. So long as the home becomes your main home or second home on the day it's ready for occupancy, you can deduct all the interest you paid on the construction loan within 24 months before the home was complete.
If you are building a home with a builder that does not charge you for the home until you close (an "end" loan), then you cannot deduct anything (down payment,etc) until you occupy the home.
