@Hal_Al Thank you for the details in your answer. We have had carrying costs on a vacant lot since 2002 and were never told that we had to file an election in the past. According to what we just learned now, we are going to file an election for section 266 this year for property taxes and other miscellaneous carrying costs and submit it with our 2019 return in a couple days.
When I searched online more regarding section 266, it doesn't mention anywhere else that we need to write “Filed pursuant to section 301.9100-2”, which you mentioned above. Do we need to say that? From what I can find, it looks like section 301 is written at the top of an election only if filing an election for past years?
