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

Forum|Forum|7 years ago
June 6, 2019
1 reply
0 views

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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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.

A

Anonymous

Answer

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.