Vanessa
Level 3

Deductions & credits

The only thing that would be deductible is your Mortgage Interest, PMI and property taxes.  All construction and land costs are just part of your cost basis for your home and are NOT tax deductible as they are personal expenses.  

If you ever sell your home, then all of these costs will be deducted from your sales price to decrease your taxable profit.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post