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posted
‎October 30, 2019
12:14 PM
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‎October 30, 2019
12:14 PM
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Can I deduct the property taxes I paid over the years from capital gain of a vacant land sale?
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Can I deduct the property taxes I paid over the years from capital gain of a vacant land sale?
See the below article with respect to the deductibility of carrying charges of vacant land. Note that it does indicate that for property taxes to be considered a part of the adjusted cost base of the land, the land must have been held as part of a business or for rental purposes. In any other cases, the addition-to-the-cost basis will not allowed.
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Can I deduct the property taxes I paid over the years from capital gain of a vacant land sale?
See the below article with respect to the deductibility of carrying charges of vacant land. Note that it does indicate that for property taxes to be considered a part of the adjusted cost base of the land, the land must have been held as part of a business or for rental purposes. In any other cases, the addition-to-the-cost basis will not allowed.