Real estate taxes are generally deductible in the year paid, including taxes on land held for investment. You don't add them to the basis of the property. If the taxes were significant, and you itemize your deductions, consider whether you wish to amend tax returns for open years to claim real estate taxes paid if they weren't previously deducted.
See this IRS webpage for more information as to which types of state and local real estate taxes are deductible.
See this thread for a discussion regarding how to report the sale of land in TurboTax.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
