@Anonymous_ wrote:
@Opus 17 wrote:
The IRS has not issued a formal ruling or regulation.
Exactly, and the fact that the IRS has not responded to requests for clarification (including one from the AICPA), would militate against capitalizing carrying costs in this instance.
I fully concur with the suggestion that @sgmrdb seek guidance from a local tax professional.
Depends on your philosophy. Some would say you can't do something unless you have explicit permission. Others would say you can do what you want unless it is explicitly prohibited.
