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Deductions & credits
Thanks for the feedback.
This one is standard construction, and it'll be our primary home when it's done. We only have 1 other place to live at the moment, that we currently call our primary home; it will be gone when the new house is complete. So, for 2017, it'll count as our 2nd home.
We paid interest on a mortgage for the land only for a while, with the land as collateral. We paid it off and got a construction loan, with the land and house as collateral. If I understand correctly, the interest on both mortgages is deductible.
This one is standard construction, and it'll be our primary home when it's done. We only have 1 other place to live at the moment, that we currently call our primary home; it will be gone when the new house is complete. So, for 2017, it'll count as our 2nd home.
We paid interest on a mortgage for the land only for a while, with the land as collateral. We paid it off and got a construction loan, with the land and house as collateral. If I understand correctly, the interest on both mortgages is deductible.
‎June 6, 2019
6:51 AM