Can I deduct mortgage interest on timber land

[KatrinaB · Accepted solution]

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.

https://www.irs.gov/faqs/itemized-deductions-standard-deduction/real-estate-taxes-mortgage-interest-...