Thank you very much for your answer. Publication 530 that you have referred to in your answer is titled Tax Information for Homeowners and the discussion under "Basis" talks about primary and secondary residence. Also, the discussion about the cost basis talks about the acquisition cost and property improvement costs. However, the period of time I owned the land it was not "improved" but maintaining the ownership did involve costs such as loan installment payments and property tax payments. Over the years these two costs add to a very large number and I am surprised that it is not considered as the "cost" of ownership and not included in the Basis.
So, anyway the rules that apply to homes also apply to land when it comes to determining the Basis, correct?
