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Level 5
August 20, 2022
Question

Home Mortgage Deduction on new construction

  • August 20, 2022
  • 1 reply
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The tax law states you have 90 days after the completion of a new home to get a mortgage and consider it home acquisition debt.  Is there a definition of what constitutes "completion"?

 

 

1 reply

Level 15
August 20, 2022

Facts and circumstances.

 

See https://www.sjsu.edu/people/annette.nellen/website/225K%20Reading/N88-74.pdf

 

You might want to play it safe and use the first date the home is able to be occupied (or when you actually occupy the home).