Question

Can I deduct interest and taxes on land that I purchased last year?

Forum|Forum|6 years ago
January 28, 2020
1 reply
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can i deduct taxes that i pay on land?

TurboTax Live Basic Online

The taxes can be claimed in the year you pay them.

Vacant land is not considered Home Mortgage Interest, so you might be able to claim it as investment income, but even if you can, it would be limited.

Enter the property taxes in as property taxes paid. This will be included if you Itemize.

Enter the investment income, if applicable. The program will ask the interview questions to determine if the interest is deductible. If the activity is passive (you don't actually do any work) and/or you have no investment income, the interest won't count as a deduction.

CLICK HERE for more on investment income.

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