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.
http://eprnv.ca/wp-content/uploads/2013/02/Deducibility-of-carrying-charges-of-vacant-land-Scriv-Win...
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