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January 31, 2022
Question

Can I claim a form 1098 for land that we purchased?

  • January 31, 2022
  • 1 reply
  • 0 views
It was for acreage only. No house.

1 reply

ColeenD3
January 31, 2022

No.  No, you can't deduct interest on vacant land even if you intend to build a home on it. However, some interest may be deductible once construction begins. As a qualified home, the interest paid may qualify as deductible mortgage interest, with certain limitations