So are you saying all of our carrying costs, including property taxes, can be deducted as investment costs but only through 2017?
And can I assume all of our marketing costs (to sell the property) through 2022—beyond just the real estate commissions—can be similarly deducted? Our 9+ acre residential lot, for example, was especially hilly, with fantastic panoramic views at the top, but to get potential buyers there we had signs made with full-color photos of the views and placed down by the road. Moreover, without brush hogging/clearing/grading/mowing our property no one would have been able to reach the top and see those views since our lot was so heavily wooded and had become so overgrown—thus our property would likely never have sold, so we had much of that work done not only as an improvement but also to sell the lot. Similarly, we had its boundaries staked, etc., so a potential buyer would know where the property began/ended.
Finally, are there specific forms we should use to detail these costs, adjustments, etc.? If so, I don’t readily see them in TurboTax. Or do we need to include them in a separate letter? Or can we simply wait to see if the IRS requests additional info?
