You cannot deduct any of the cost associated with the purchase of the property, other than property taxes you were billed for and paid in 2022. If you paid property taxes that the previous owner was billed for, this would be included in the cost basis of the land and not be deductible for 2022.
When you sell the land, you will then enter your cost basis (price paid and expenses) as a deduction to the sales price to arrive at your gain on the sale.
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