Question

New Construction, when to deduct interest and property taxes?

Forum|Forum|1 year ago
February 27, 2025
1 reply
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We have a new construction build that was started in 2024. I see everything online that you can deduct the interest and property taxes as long as you occupy by 24 months later. Would we then amend our 2024 property tax return once we occupy the home for the interest and taxes paid in 2024 or would these just be added to my 2025 return? Or do we just add to our 2024 return if the plan is to occupy within 24 months.

D

DavidD66

You should report the interest and property tax in the year it is paid. If you do not occupy the house withing 24 months, you will have to amend your tax 2024 return and remove the interest. You could also not report the interest and then amend your return to include it once you have occupied the house. I would go ahead and report it. If things go according to plan you want need to amend anything.

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