We live in Texas but purchased acreage, undeveloped land, in Oklahoma. We have a land loan. Where do I put this information on my tax return?

[simplysabra]

There is not a home on this land.

[DawnC]

What are you doing with the land?  Building a home, investing, using it for business purposes, etc?

You cannot deduct interest on land that you keep for eventual use at some undermined time in the future or for a vacant lot that you intend to build a home on. 

However,  if you plan on building a home on it, you can claim the interest if the home is completed within 24 months.  If this is your case, then you would include it in the mortgage interest section as if you did receive a form 1098. The interest would be recorded in box 1.    Where do I enter my mortgage interest on Form 1098?

If the land is just for personal use, then the interest would not be deductible.   

IRS Pub 936 Home Mortgage Interest

[Hal_Al]

The real estate taxes are deductible on Schedule A (itemized deductions), regardless of how the land is used.

Until you put it to use as your primary or second home or as rental property, or sell it, you have an investment property.  Real estate (property) tax may be deducted on schedule  A, under taxes. Mortgage interest is only deductible (on schedule A) to the extent of other investment income (interest and dividends) and not subject to the old 2% of AGI rule. Other carrying costs (insurance, maintenance, etc.) of investment property are not deductible, staring with tax year 2018.

Alternatively, taxpayers can elect to capitalize (add it to your cost basis)  the carrying costs (including mortgage interest) of unimproved and nonproductive real property, real property under development or construction and personal property before its installation or use (Regs. Sec. 1.266-1(b)(1)).  The election is made with the tax return by its due date, including extension, by attaching a statement. You cannot wait until you sell the property, but must make that election each year. Attach the statement to the return and write “Filed pursuant to section 301.9100-2” on the statement. You may add the carrying costs, incurred in the year of sale, to your cost basis.