1098

I have received 2 1098 forms for Mortgage Interest. One is for my primary residence and one is for land that

I have purchased and am paying interest on also. Can I deduct the interest for the land also?

posted

No, you can't deduct interest on land that you keep and intend to build a home on. However, some interest may be deductible once construction begins. As a qualified home, the interest paid may qualify as deductible mortgage interest, with certain limitations.

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