I purchased a bare lot in 2020. i cleared it, dug the foundation, poured the footings, installed a well. do I report this on my 2020 tax return somewhere?
I purchased a bare lot in 2020. i cleared it, dug the foundation, poured the footings, installed a well. do I report this on my 2020 tax return somewhere?
I purchased a bare lot in 2020. i cleared it, dug the foundation, poured the footings, installed a well. do I report this on my 2020 tax return somewhere?
You don't need to report this on this year's return. When you sell the lot, you'll enter the price of the lot and the improvements as your Adjusted Cost Base, and that will be used to determine your capital gain or loss.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.
Sign In
Canada (English)
EN
