Thanks, Marc, that is good information. Here is a follow up question. The property was given to my wife by her father many years ago, and so our basis is zero. We sold it for $680,000. I know I can deduct the sales commission, etc, but I am wondering if we can deduct maintenance expenses for the property. It was vacant land that we had to clear of trees and brush. We made 2 trips to Hawaii in 2024 to maintain that land and are wondering if our travel expenses can be used to offset our capital gain. Can we deduct the flight and hotel costs, and costs for equipment to do that work? We also hired a company to help us clear the land and would like to write off that expense as well.
