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Pre-construction interest can be claimed as a deduction against taxable income on your tax return. Generally, pre-construction interest is deductible in the year it is paid or incurred. To claim the interest, you must itemize deductions on IRS Form 1040 Schedule A and complete IRS Form 8586. AdditioRead more
Pre-construction interest can be claimed as a deduction against taxable income on your tax return. Generally, pre-construction interest is deductible in the year it is paid or incurred.
To claim the interest, you must itemize deductions on IRS Form 1040 Schedule A and complete IRS Form 8586. Additional information and instructions for filing Form 8586 can be found on the IRS website.
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