TP purchased unimproved land/property. TP pays property taxes, mortgage interest, insurance, landscape maintenance etc. relating to maintaining the land/property BUT does NOT file a Sch A thus takes the Std deduction. I read somewhere that the TP could track TP's purchase price plus including all related fees, prop taxes, interest etc. on a spreadsheet then if TP sells land w/o any improvements, the TP that tax year can add to his purchase price, the accumulated property taxes, mortgage interest, insurance, landscape maintenance etc. to calculate cost basis. Sound correct?
Land held for investement...where to deduct taxes, interest etc. if no Sch A?
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Yes, BUT the taxpayer needs to make an election every year to do that.
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Bill
Yes, BUT the taxpayer needs to make an election every year to do that.
https://www.law.cornell.edu/cfr/text/26/1.266-1#bAlways cite your source for support to defend your opinionComment
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