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    bouncer1's Avatar
    bouncer1 Posts: 1, Reputation: 1
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    #1

    Jun 25, 2008, 08:07 AM
    Vacation lot
    Can I deduct the interest paid on a loan for land purchased for a vaction home?
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #2

    Jun 25, 2008, 08:17 AM
    Of course. Interest paid on real estate is deductible.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Jun 25, 2008, 12:44 PM
    You can decuct mortgage interest on a first and/or second home if it is a "qualified home," which requires that there be some type of structure - could be a house, a condo, a motor home, a house trailer, boat or similar property that has sleeping, cooking, and toilet facilities. I don't believe you can deduct the mortgage interest on bare property until you have actually started construction - at which point it becomes a qualified home.

    The following IRS pub gives more detailed info on deducting home mortgage interest:
    Publication 936 (2007), Home Mortgage Interest Deduction
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