crorella
Returning Member

Deductions & credits

What if the land is intended for a house you want to rent/sell?
I purchased a land in Jan 2020 and paid a company to build a house. The construction started in September 2020 and it is about to be completed in a few weeks.
Can I write off:
- the amount I paid for the land?

- the amount I paid to the construction company?

 

Thanks