Add Property Taxes Paid to Basis When Inherited Land is Sold?

[myrayork]

I inherited a piece of land in 2013 when my father passed.  In 2024 I sold the land.  Can the property tax I paid the past 11 years be added to the basis to reduce my gain?  Or can it all possibly be itemized in 2024, the year the property was sold?

[AnnetteB6]

No, the property tax cannot be added to the basis or be deducted in full on your 2024 tax return.  

The property tax paid each year was deductible on your Schedule A Itemized Deductions in the year that it was paid.  This would include any property tax paid in 2024.  

If you did not claim that deduction and you did itemize, then you can amend your 2021, 2022, and 2023 tax returns to claim the property taxes paid in those years.  It is too late to amend any earlier returns to receive a refund.  Also, the deadline for amending 2021 is April 15, 2025.