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lalitag7
New Member

We bought a vacant land that is adjacent to our home to expand the backyard. Can I claim an interest deduction on it? or is it tax deductible?

 
1 Reply
DianeW
Expert Alumni

We bought a vacant land that is adjacent to our home to expand the backyard. Can I claim an interest deduction on it? or is it tax deductible?

Yes. If the loan is a home equity loan or secured by the land or your home. This would be considered a loan used to buy, build or improve your main home since you are adding this property as additional use for your home.  This will be added to your home mortgage interest and you will should have a Form 1098 if the loan is secured by the land.  If you don't have a Form 1098 you can still add the interest if the loan is secured by the land.

  • In the search box type mortgage interest
  • Jump to mortgage interest

Note: If the loan is not a home equity loan or secured by the land or your home it is considered personal interest and is not deductible.

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