It's a bit of a gray area, but I would say no, as there was nothing under construction. You can deduct the interest as mortgage interest once construction begins, subject to some requirements. 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. The 24-month period can start any time on or after the day construction begins.
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