ThomasM125
Expert Alumni

Business & farm

Your cost basis would be the value of the property when you acquired it. You may be able to estimate that by looking up the valuation online at the property appraiser's office in the county the property is located in. You could have added the property taxes you paid on the property to the cost basis for each year you owned it, but you would have had to make a yearly election on your tax return to do that. You can add closing costs to the cost basis.

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