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Deductions & credits
Most likely these expenditures can be added to the cost basis.
Please see this IRS publication pages 2 and 3 under Real property.
If the real property will be subdivided and a personal residence will be constructed on one of the subdivided parcels, allocate a portion of the land cost to the cost basis of this personal residence.
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March 1, 2020
12:04 PM
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