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Home| Questions|Q 85526
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Varun Kumar
Varun Kumar
Asked: December 6, 20222022-12-06T22:29:28+05:30 2022-12-06T22:29:28+05:30In: Construction Management

How to claim pre construction interest?

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    1. Vaibhav Verma
      2022-12-07T22:17:07+05:30Added an answer on December 7, 2022 at 10:17 pm

      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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