Taxpayer received a 1098 for mortgage interest from a construction loan. Began building in 2006 and carrying over to early part of 2007. He has not yet paid any payments on his construction loan and interest is being added to his loan so that when home is finished in 2007, taxpayer will roll the construction loan and mortgage interest accrued into new loan. Is the mortgage interest from 1098 deductible in 2006 if he did not pay on it in 2006? I believe it is, but wanted to confirm.
Thanks!
Thanks!
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