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Deductions & credits
interest on a construction loan is qualified residential interest as long as it falls within these parameters
1) construction interest (after construction begins) is treated as qualified interest for up to 24 months provided that when ready for occupancy the house is used as a main or second home after that it's personal
2) the use of the loan proceeds must be directly traceable to home construction expenses
March 6, 2022
10:45 PM