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As far as I know if your intention is to build on it, the interest is deductable. You do not ever have to build, just might build. Second homes are pretty flexible things. Deduct the interest.

I am not a Tax Advisor, but my inclination has always been if in doubt, deduct it. Sometimes the IRS sends me letters saying I owe them more money and I send it in "Post Haste". They have never even spoken harshly.

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