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Developing is complex so you should get some tax advice. There are tax issues even if you don't sell. Probably may not be treated on capital account. Assuming it is on capital account you would probably be able to claim the interest as it is incurred based on the case of Steele

Complex tax situation. It could be taxed by 1 or more of 3 different ways. Deductibility and timing of deductions will depend on the circumstances. You should seek professional tax advice. Bank will probably have titles as security therefore you will need your bank's permission to change the...