Basis

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  • Brian EA
    Senior Member
    • Dec 2005
    • 786
    #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
    Tags: None
    • New York Enrolled Agent
      Senior Member
      • Nov 2006
      • 1530
      #2
      Originally posted by Brian EA
      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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