We are considering selling some vacant land that we bought in December 2017. I did not make this election for 2018 where the bulk of our carrying costs were spent. Can I amend our taxes to now include this?
https://www.nolo.com/legal-encyclopedia/tax-deductions-vacant-lands.html
"If you don't itemize your deductions on your tax return, you won't be able to deduct the property tax and interest expenses you incur from owning vacant land. In this event, you should elect to add these expenses to your land's cost basis. This will reduce any taxable profit you earn when you sell the property."
Also, I saw another article that mentions a private letter ruling allowing this but it suggested I would need to get our own private letter ruling, which is apparently pricey. Is this really necessary?
