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I don't know. Based on steele's case interest on a loan to construct now and rent out in the future could be deductible as long as certain steps are undertaken. I suggest you read steele.

Yes captial works would be deductible via claiming depreciation. Interest on monies borrowed in association with the property could be deductible once the property becomes income producing or available for rent. I think you would have a hard time justifying the claiming of interest before...