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Like many tax questions, the answer to whether or not you can deduct the interest on land that you own is, "It depends." You cannot deduct interest on a lot that you hold for personal use at some point in the future. However, if the lot is an investment or will be used to build a home relatively quickly, you can deduct the mortgage interest, subject to some limitations.
Lot for Personal UseLike many tax questions, the answer to whether or not you can deduct the interest on land that you own is, "It depends." You cannot deduct interest on a lot that you hold for personal use at some point in the future. However, if the lot is an investment or will be used to build a home relatively quickly, you can deduct the mortgage interest, subject to some limitations.
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