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Deductions & credits
You should have been deducting the taxes paid each year in the tax year in which you paid the property taxes.
If you made an election to capitalize the taxes (rather than deducting them), then you would be able to add the taxes to your basis. However, apparently you neither deducted the taxes nor elected to capitalize them and it is too late now to do either, unfortunately.
‎February 15, 2021
3:29 PM
6,088 Views