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Deductions & credits
Yes, you can deduct the interest on your construction loan if the loan was secured by the property you moved into.
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 date that construction begins.
See page 4 under Qualified Home and Home Under Construction: https://www.irs.gov/pub/irs-pdf/p936.pdf
‎June 4, 2019
10:52 PM