No. For all intents and purposes this is your secondary residence (until it becomes your primary). You may deduct mortgage interest (up to the limit) and property taxes (up to the limit as well) and nothing else. The cost of the land is added to your basis in the eventual home that you are constructing so that when you sell it it will reduce any gain on the sale by that amount. Your closing costs on the land are added to that basis as well.
@Nasrat
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