Question

Last year we were building a house and living in another. Can we deduct the interest from both?

Forum|Forum|2 years ago
April 6, 2024
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TurboTax Deluxe Online

. Per IRS, You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it's ready for occupancy. The 24-month period can start any time on or after the day construction begins. As a qualified home, the interest paid may qualify as deductible mortgage interest, with certain limitations.

For more information, check: Publication 936 (2023), Home Mortgage Interest Deduction

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