Home Being Built

You can treat a home that is under construction as a qualified residence for a period of up to 24 months, but only if it becomes your qualified main or secondary home at the time it is ready for occupancy.

The 24-month period can start any time on or after the day construction actually begins.

Save Money If you delay making a mortgage payment and, consequently, have to pay an extra "late fee" to the lender, the late fee is deductible as home mortgage interest, as long as it was not for a specific service performed by the lender.