So with tax time fast approaching my wife and I got into a conversation about our land out in Mazama and whether or not our home equity loan's interest was deductible. After doing a little digging I found out that no, in fact its not. The only way that our property out there would qualify is if we have started building a home that we can occupy within two years. The land is considered an investment and all of the interest we're paying isn't qualified as deductible mortgage interest like our primary loan. Boo.
If you'd like tons of exciting reading on this topic check out the IRS website!
Always contact your local tax advisor for your personal situation.
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