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Deductions & credits
Personal unimproved property cannot be capitalized however if you are holding it as an investment to sell later then you can attach a statement to your return.
This is NOT the same as the de minimus safe harbor option in the depreciation section ... you will NOT be entering the taxes you want to capitalize as assets or expenses anywhere on the return ... it only goes on the statement you send.
‎December 27, 2020
7:40 AM