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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 annualelection to capitalize the real estate taxes. See Reg. 1.266-1
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
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