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In May, I bought a piece of land to move a double wide mobile home, and I wonder if the interest is tax deductible? The mortgage is a land so I heard that there was not a loan wasteland then it would be deductible. Just curious.

3 Thoughts on This is my land mortgage tax deductible?
  1. Reply
    Silly Goose
    March 31, 2013 at 3:00 am

    I think it has to be your primary residence.
    What you have might just be considered investment property.

  2. Reply
    March 31, 2013 at 3:02 am

    is the land collateral for the mortgage? if not, the interest is not deductible

  3. Reply
    March 31, 2013 at 3:44 am

    If you purchased this with the intention of making it your residence, then until you begin to move the home on the property, none of the interest on the loan is deductible. It would be capitalize. The loan also must be secured by the property and it has to become your principal home. The answer is slightly different if a rental.

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