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Deductions & credits
holding raw land as an investment is an activity under IRC 212, so property taxes paid on such an investment are deductible on schedule A without regard to the $10,000 aggregate limit under IRC 164(b)(6).
if it is investment property, interest on debt on the property is subject to investment interest limitations schedule A form 4952.
other expenses are not deductible nor add to the basis of the property.
March 28, 2024
12:04 AM