I use 2019 Home and Business. I purchased two investment vacant lots in 2019 for cash. I believe that I can deduct the property tax and mortgage (not applicable since it was cash purchase) if I itemize in 2019, or I can utilize a Section 266 Election and include a statement in my tax return declaring costs incurred to increase cost basis of the property and I further understand this can include property maintenance costs such as mowing in the basis.
In either case for recording and historical purposes at least I wished to add the property to my investments so that the Section 266 Statement could refer to it.
Unclear the process to do this, does not seem I can add it under rentals since I will not be renting it but instead will be selling it in a few year. Can anyone point out how I should do this?
