I purchased land 20 years ago, and all these years had expenses: taxes, stormwater fees, fire mitigation, various dues, etc.
Now I sold it, technically at a higher price, so it seems like a gain.
But in reality, accounting for 20 years of expenses, it's a loss.
However, I do not see any way to write them off - the only expenses that seem to be allowed are the closing costs.
Can anyone clarify please?
