What is tax deductible when building a house and what forms do I need?

[HelenC12]

You may be able to deduct:

• Mortgage interest (including points:( To enter See Where do I enter my 1098 mortgage interest statement?
• Property (real estate) tax: To enter see Where do I enter my real estate (property) taxes in TurboTax Online?
• Mortgage insurance (PMI or MIP): Can I deduct private mortgage insurance (PMI or MIP)?

Most expenses associated with building a new home are not tax deductible. You can't deduct your down payment or any part of the principal of your mortgage loan. The costs of installing, connecting or paying for utilities is also not deductible.

However, save your building receipts. They can reduce your gain (along with any capital-gains tax) when you sell in the future.