Can you deduct interest you pay on land that you plan to build a home on? Like most tax questions, it depends. TaxMama recently tackled this question from a reader:
My wife and I purchased land with the intent to build on it. We have been paying on an interest-only land loan for over a year. Can I deduct this interest for 2006?For a complete answer, visit TaxMama's Tax Quips page. You can listen to her discussion on the topic, and you'll find out where to look for further detail. You might even subscribe to her podcast so you can get a quick burst of tax education at your leisure -- it's more entertaining than you might think!
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