I have a construction loan for a home that currently being built for my family. CAn I deduct the interest - I don't have a form.

[RayW7]

Yes you can deduct the interest on your construction loan if the loan was secured by the property you moved into. 

You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy. The 24-month period can start any time on or after the date that construction begins.

See page 4 under Qualified Home and Home Under Construction: https://www.irs.gov/pub/irs-pdf/p936.pdf

[Opus 17]

Yes, you can treat a construction loan as a deductible home mortgage, as long as you complete construction within 24 months and convert the construction loan to a regular mortgage when the home is finished.  However, if you do not complete construction and move into the home within 24 months from the start of construction, the loan does not become a deductible mortgage and you would have to go back and amend your tax returns to remove the deduction.

[Olsmiba]

When I'm entering the amount that is left at the end of the year it will be significantly less than next year because we are in the middle of the build versus next year we will be done and barrowed our full (higher) amount. Will that matter next year that I have a bigger amount listed in the outstanding mortage and ending balance lines?

[PatriciaV]

@Olsmiba
No, it won't matter if your mortgage balance is more next year. The mortgage balance you enter in TurboTax is used to test your total mortgage debt to be sure you can deduct all your mortgage interest. There is no comparison year-to-year for tax purposes.

For more info, see IRS Pub 936: Limits on Home Mortgage Interest Deduction