Deducting construction loan interest

[jemillard]

I secured some land in July 2020 and started building my only home on it in late 2020.  We moved into the home in May 2021 after we got a certificate of occupancy.  I secured a loan from my financial advisor to use as a construction loan but it was secured by my financial assets.  I did not get a 1098 from my financial advisor in 2021 for the money I used for construction in 2020 and do not anticipate one for 2021.  I have kept up with that interest and have paid it every month.  I have not converted that loan to a mortgage yet either but plan to do so in early 2023.  Can I deduct the interest I have paid on that loan during 2022 from my taxes on Schedule A when I file my 2022 taxes? 

[Opus 17]

Under your explanation, no, this is not deductible mortgage interest because the loan is not secured by a lien on the property.