Yes, but not exactly. If it is rental property, that has been "placed in service", mortgage interest is deducted on schedule E with other rental expenses.

Otherwise, mortgage interest on unproductive investment property is only deductible to the extent of other investment income but isnot subject to the 2% of AGI rule. Itcan be capitalized. (http://www.nolo.com/legal-encyclopedia/tax-deductions-vacant-lands.html)

Thecarrying costs (e.g. insurance & utilities) of investment property aredeductible as investment expenses, but are subject to being a misc. itemizeddeduction also subject to the 2% of AGI threshold. Real estate (property)taxmay be deducted on schedule A, under taxes,without regardto the 2% rule.Alternatively, taxpayers can elect to capitalize(add it to your costbasis) the carrying costs of unimproved and nonproductive real property,real property under development or construction and personal property beforeits installation or use (Regs. Sec. 1.266-1(b)(1)).The election ismade with the tax return by its due date, including extension, by attaching astatement. You cannot wait until you sell the property, but must make thatelection each year. Attach the statement to thereturn and write Filedpursuant to section 301.9100-2 on the statement.

Read more:
I bought 3 investment properties this year. Can I write ...