I have purchased land for a spec house construction in 2018 and subsequent sale in 2019, can I deduct expenses incur in 2018. Is so, where do I enter these expenses?
Have traveling expenses to the house being built. Can I deduct closing fees for the land, property tax for the land, etc.?
You can deduct the property tax you paid on the land in 2018 on Schedule A of your return if you itemize your deductions. The traveling expenses are not deductible. The actual cost of the land will be added to the costs of the build and become your "Cost Basis" for the spec house and reported when you sell in 2019 on that return.
