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    #1

    Basis

    Taxpayer purchased land in 2008 and was never able to itemize deduction.
    Land was sold in 2021
    Can the Real Estate tax be added on to the basis?
    Thanks
    Everybody should pay his income tax with a smile. I tried it, but they wanted cash
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    #2
    Originally posted by Brian EA View Post
    Taxpayer purchased land in 2008 and was never able to itemize deduction.
    Land was sold in 2021
    Can the Real Estate tax be added on to the basis?
    Thanks
    Not now. The taxpayer needs to make an annual election to capitalize the real estate taxes. See Reg. 1.266-1

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