Discussion:LAND HOME AS HOME DEBT
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(Difference between revisions)
| Revision as of 17:24, 14 February 2009 RoyDaleOne (Talk | contribs) (I would think so) ← Previous diff |
Revision as of 18:17, 14 February 2009 Jdugancpa (Talk | contribs) (I think the mort) Next diff → |
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| {{ForumReplyPost|UserID=RoyDaleOne|Date=14 February 2009|Text=I would think so if the home is to be the client residence, and maybe construction must be completed witin two years.}} | {{ForumReplyPost|UserID=RoyDaleOne|Date=14 February 2009|Text=I would think so if the home is to be the client residence, and maybe construction must be completed witin two years.}} | ||
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| + | {{ForumReplyPost|UserID=Jdugancpa|Date=14 February 2009|Text=I think the mortgage would qualify as home acq debt even if construction was not finished within two years, but "construction period interest" would only be that interest incurred for two years prior to occupancy. Therefore, any interest incurred more than two years prior would be nondeductible personal interest.}} | ||
Revision as of 18:17, 14 February 2009
Discussion Forum Index --> Basic Tax Questions --> LAND HOME AS HOME DEBT
Discussion Forum Index --> Tax Questions --> LAND HOME AS HOME DEBT
| 14 February 2009 | |
| I have a client that purchased land with a mortgage. He built a home using cash. So the only loan is on the land. Is this considered home debt for the interest deduction? | |
RoyDaleOne (talk|edits) said: | 14 February 2009 |
| I would think so if the home is to be the client residence, and maybe construction must be completed witin two years. | |
| 14 February 2009 | |
| I think the mortgage would qualify as home acq debt even if construction was not finished within two years, but "construction period interest" would only be that interest incurred for two years prior to occupancy. Therefore, any interest incurred more than two years prior would be nondeductible personal interest. | |
