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Deductions & credits
If you purchased the property, your cost is the amount that you paid for it, plus some of the closing costs you paid to acquire it. The cost is the amount you pay for it in cash, mortgage, and other property or services.
The purchase of a home and land, includes the land, so you need to determine the value of the land because it cannot be depreciated. The best place to get an estimate of the land value, is to look at your property tax bill.
If your property tax bill doesn't list the land separately, you can rely on comparable sales, or an estimate by a real estate professional.
If you acquired the property in a way other than buying it, you need to figure your basis in a different way. Click here to learn more.
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‎February 9, 2023
9:21 AM