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Can I include expenses I paid for improving land somewhere in the other income portion so it goes against the total profit? I sold it and buyer purchased it outright.
I sold the bare land for 95k more than i bought it 3 yrs ago, and that's what I'm being taxed on. However, my actual gains after improvements, like putting in a well, are more like 30k. Is there a way to to only be taxed on actual profit?
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March 2, 2024
2:32 PM