How does mortgage interest deduction work for new-build homes?
Mortgage interest deduction works the same way for new construction as it does for existing homes. You can deduct the interest you pay on your mortgage from your taxable income, which means you’ll pay less tax.
More questions about new-build home
- Can I increase my mortgage during the construction period?
- Can I refinance my mortgage during construction?
- Do I already pay mortgage costs while the house is being built?
- Do I pay cancellation costs if I have signed the mortgage offer but the purchase falls through?
- How much of my own money do I need for a new-build home?
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