How do I enter interest paid (only $268) on a wooded lot next to my house that I make monthly payments? Will that help me save money?

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If the loan is a qualified loan, you should receive a 1098-Mortgage Interest Statement from the lender by the first week of Feb. Then it's gets entered the same place you enter your home mortgage interest deduction. Under the Deductions and Credits tab in the "Your Home" section. It's a SCH A itemized deduction subject to limits.