I bought land in 2020 planning to build a home. It took 2.5 years to get approval to combine two parcels. In that time, my plans changed, so I am now selling the land. I see topics about selling land that was an investment, or land for a second home. This was supposed to be my first home, so I'm not sure what to do. Expenses incurred included: engineering fees; architectural fees; interest; property taxes; at sale, will include commission and other closing costs. Does it matter that this was supposed to have been for my new home? What expenses can be added to the basis to reduce capital gains? Also, do I need TurboTax Premier to do this, or will Deluxe suffice?
