Credit for land?

[rbmcatee]

Is there a tax credit or some type of credit for land purchased to build new home and primary home not sold? Land bought in 2015, home started in 2016, and 98% complete now. Primary home not sold yet. Thank you.

[Carl]

No. The IRS, and  no state to my knowledge, gives you a tax credit for spending money on real estate. IN fact, they usually do just the opposite by doing things like assessing property taxes on you each year. Understand that if you sell this property and it has "NOT" been your primary residence for at least two years, then you will pay a hefty capital gains tax on any profit. If you've lived in/owned it less than a year after the CO is issued, then you'll pay the even higher short term capital gains tax.
You may want to talk with a tax pro in your local area to see how state taxes may be affected too.

[Critter]

No there is no credit ... but the property taxes are deductible on the Sch A.