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leahc123
New Member

We subdivided land that rental property sets on in 2018 can we deduct the cost of this on sale of this property in 2019

In 2012 three family members inherited home which sits on almost 3 acres , The house and property has been a rental. We had the property and house assessed at this time  In 2018 we paid development fees for the house and property to be divided into lots but not fully into taxable lots which made this property a lot more valuable,  Can we deduct this cost when we sell the house and property  in 2019 ? 

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Anita01
New Member

We subdivided land that rental property sets on in 2018 can we deduct the cost of this on sale of this property in 2019

Yes, these would be additions to the cost basis of the land, not depreciable, but an increase in cost, which will lower your capital gains.

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1 Reply
Anita01
New Member

We subdivided land that rental property sets on in 2018 can we deduct the cost of this on sale of this property in 2019

Yes, these would be additions to the cost basis of the land, not depreciable, but an increase in cost, which will lower your capital gains.

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