I purchased a 1.08 acre lot in February 2016. Is there anything I can deduct from that purchase?

3gurises — Sat, 01 Jun 2019 06:53:06 GMT

this was a vacant lot and I financed the purchase of it.

You can only deduct the interest paid on the purchase of...

CherylW — Sat, 01 Jun 2019 06:53:08 GMT

You can only deduct the interest paid on the purchase of land if you're using it to produce income, like rental income.

If you paid property (or real estate) taxes on the land (including amounts from the escrow statement), then you can deduct them under

1. Your 2016 Deductions & Credits

2. Your Home

3. Property Taxes.