@Tronathan wrote:
@Anonymous_
....I have raw land and wanted to know if I can amend previous year's tax returns to include the statement that I would like to have the property taxes added to the cost basis of the land. If so, how far back can I go?
The Regulation that permits a taxpayer to elect capitalization of certain expenses is at the link below.
https://www.law.cornell.edu/cfr/text/26/1.266-1
As you have most likely already read, there is a requirement that the election be made by filing a statement with the original return for the year for which the election is made.
See https://www.thetaxadviser.com/issues/2020/jun/elective-capitalization-tcja-planning.html
