Own a house and bought land elsewhere. Are both deductible?

[ddunfee]

What is the name of your state? TX

I own a house in one county (Collin) and have purchased land in another county (Denton) and plan to build our next house on it in a year or so. I closed on the property in Oct 2004. Can I claim the property taxes and interest on the land AND the property taxes and interest paid on the house on the itemized deductions?

The seller gave us credit on the closing for the taxes. Do I claim ALL of the taxes or the portion that I am responsible for?

Thanks.

 

[abezon]

You can deduct all property taxes paid. You can deduct the mortgage interst on your primary residence & your vacation residence.

You can deduct taxes for which you are responsible. Take your closing papers to a tax pro to figure out what settlement charges are deductible.