<prompt> Human: I inherited .5 acres of a property in the middle of town valued about 30k after my father passed away and i own it free and clear.My mother is TERRIBLE with finances and cant even have a bank account. I need help with tax info.I just got approved to build a home on the peice of land I know i can deduct interest from the mortgage as a tax deduction. How do i calculate it? This is my first time itemizing deductions and i am keeping track of medical bills, prescriptipns, etc. Any advice on howwhat to do when it comes to the house though?  <response>: You dont need to calculate it, your mortgage company will send you the form you need to complete that section of your return. 