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February 1, 2025
Question

Construction to permanent loan

  • February 1, 2025
  • 1 reply
  • 0 views

Hello there!!

 

In 2024 we received 14 acres of land from family and we obtained a construction to permanent loan in November. We only paid interest on that loan so far as it's still being built currently. Do i need to include any of this in my filing anywhere? 

    1 reply

    February 1, 2025

    If this is for a personal loan you would not need to enter the information.  If it is a business loan, you may be able to deduct the interest, but it depends on the purpose.