I received a 1098 for a piece of recreational/hunting property we purchased. Should we add the 1098 to our taxes as a deduction?

I wouldn't think so. Interest paid on a loan to purchase recreational property would be the same as any other personal loan.

If you're "holding it for investment", absolutely.

X2

Only to the extent of your investment income (if you have any).

I deduct the interest every year on my land purchase....soft audited 2 years ago and they had no issue with it.....

Interesting thread.

What about property taxes for a recreational property? Are they Tax Deductible?

Shelly would know. I would ask her for you, but she is snoring in her chair and gets a little grumpy if I wake her up. I'll bet your wife would know the answer as well.

And you can always look into an ag exemption (although the rules for that have changed significantly) or a conservation exemption

You can deduct any interest payed on it if you have a loan. If you own a business you should be able to write off the taxes.

Put a couple of bison on it and you can also get state sales tax exception as well as all other tax exemptions. My bison are made out of gold.

I use the wildlife management on my land it had been in ag for yrs before.
With the wildlife management it cut my taxes in half. Not over agg , but after the agg was gone taxes were hi.
You have to submit a plan every year of what you r going to do , and you have to have 3 things to qualify. I plant cover crop,provide feeders and mineral blocks,,and half cut some trees ect also you can kill preaditors and hunt on it.