I purchased wooded land in 2015 and have been slowly clearing it and getting it ready to try to resale. Other people have been buying up the land around it and doing the same. I didn't claim anything on my taxes last year. This year I would like to, but I'm concerned because of what I've read about investment vs personal property. So my question is this, If I'm not able to sell it for a decent amount in the next couple of years, what happens if I decide to keep it as personal property? Do I have to pay back what I deducted (property taxes and interest)?
