Code Section 266 and IRS Regulation 1.266-1 for Vacant Land Property Taxes

[15Gornzz51]

Under Code Section 266 and IRS Regulation 1.266-1, a taxpayer has the option to include vacant land property taxes either by deducting them on Sch A or capitalizing them and adding them to the land's basis. To capitalize them a note such as "For tax year 2020, taxpayer hereby elects under Code Section 266 and IRS Regulation 1.266-1 to capitalize, rather than deduct, property taxes on the vacant land". My question (in the case where the standard deduction is greater than the itemized deduction) is should an entry for the vacant land and the amount of property taxes be entered on Schedule A if the taxpayer is going to capitalize them, or should it not be entered on Sch A?

[Snaggletooth]

Do not enter on Schedule A. No advantage in doing so, and will result in confusion or duplication.

[New York Enrolled Agent]

Under Code Section 266 and IRS Regulation 1.266-1, a taxpayer has the option to include vacant land property taxes either by deducting them on Sch A or capitalizing them and adding them to the land's basis. To capitalize them a note such as "For tax year 2020, taxpayer hereby elects under Code Section 266 and IRS Regulation 1.266-1 to capitalize, rather than deduct, property taxes on the vacant land". My question (in the case where the standard deduction is greater than the itemized deduction) is should an entry for the vacant land and the amount of property taxes be entered on Schedule A if the taxpayer is going to capitalize them, or should it not be entered on Sch A?

I would think the last sentence in Reg. 1.266-1(a)(1) gives you the answer - no