@rjskal wrote:
....Treas. Reg. Section 1.212-1(b) states.......not confined to recurring income but applies as well to gains from the disposition of property.”
I tend to agree, but I am absolutely not convinced the IRS would take the same position if deducted on Line 6 of Schedule A.
Regardless, with respect to vacant land held for investment, personally, I would simply make a Section 266 election and capitalize my costs (not only is it the safe, conservative, approach, it provides for capturing all costs, not just property taxes).
