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Sorry yes I did explain that poorly. Buying vacant land, never building or intending to build, landbanking and selling as land for profit is what I believe is no deduction.

My basic understanding (I'm not an accountant) is that vacant land is not eligible for any tax deductions - so you can't claim interest etc. I think the exception to the rule MIGHT have been if you bought the land, got a building license to build a rental but then didn't go through with...