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Construction Period Interest

This represents interest on the construction of the $2 million building. [v] Additionally (and often missed), ABC should capitalize interest associated with the land costs of $500,000.

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The construction period ends when all production activities reasonably expected to be done are completed and the property is placed in service-that is, made available for rent. Activities such as planning and design, preparing architectural blueprints, or obtaining building permits do not constitute physical construction. Thus, interest paid while these activities are going on, but before physical construction is done, can be currently deducted as an operating expense.

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Were you hoping to stop capitalizing interest on construction projects? If so, you’re in luck. In June, the governmental accounting standards board (GASB) issued Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period. Under current governmental accounting standards, GASB universities, colleges, hospitals, and governments with a business-type activity.

To qualify for interest capitalization, assets must require a period of time to get them ready for their intended use. Examples are assets that an enterprise constructs for its own use (such as facilities) and assets intended for sale or lease that are constructed as discrete projects (such as ships or real estate projects).

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Interest pertaining to pre-construction period is allowed as deduction in five equal annual instalments, commencing from the year in which the house property is acquired or constructed. Thus, total deduction available to the taxpayer under section 24(b) on account of interest will be 1/5th of interest pertaining to pre-construction period (if.

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Interest on Construction of Second Homes. The deduction limits are cumulative, however. If you have a $600,000 mortgage on your primary residence and a $500,000 mortgage on your second home, the interest on only $1 million of the $1.1 million mortgage debt is deductible.