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Can I deduct mortgage interest on timber land

 
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KatrinaB
Intuit Alumni

Can I deduct mortgage interest on timber land

It depends.

In general, deductible mortgage interest must be claimed on a mortgage used to buy, build, or substantially improve a home. The IRS will not allow a taxpayer to deduct mortgage interest on land unless that taxpayer plans to build a home on the land within 24 months. Please view the IRS link below for more information about this rule.



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1 Reply
KatrinaB
Intuit Alumni

Can I deduct mortgage interest on timber land

It depends.

In general, deductible mortgage interest must be claimed on a mortgage used to buy, build, or substantially improve a home. The IRS will not allow a taxpayer to deduct mortgage interest on land unless that taxpayer plans to build a home on the land within 24 months. Please view the IRS link below for more information about this rule.



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