I purchased a vacant lot in 2021 using a " mortgage" loan from our Credit Union. The mortgage was paid off later last year. The process for initiating the construction of a home will start later this year. I have received a Form 1098 ( no suffixes ) from the Credit Union with: Box 1: the interest paid last year, Box 2: Outstanding Balance ( Incorrect since the Loan has been paid ), and Box 3: Mortgage Origination Date.
Can this be used as a deduction on my taxes for 2021? If so, where do I enter this information into Turbo Tax? Typically we do NOT itemize deductions but allow Turbo Tax to decide if we should take the Standard Deduction or go with iemized deductions.
