Long term Capital Gains on a land property, can I add HOA fees & Property tax from all the years I owned the land added to base cost of the land ?

[TEDSTER]

Sold a piece of land (no structure)last year, can I add HOA fees & Property tax from all the years I owned the land added to base cost of the land ?

[Anonymous_ · Accepted solution]

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@TEDSTER wrote:

....can I add HOA fees & Property tax from all the years I owned the land added to base cost of the land ?

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No. You have to make the election to capitalize carrying costs in the tax year in which they are incurred.

See https://www.law.cornell.edu/cfr/text/26/1.266-1

Only those expenses which would otherwise be immediately deductible can be capitalized.