Can I deduct management expenses I paid in 2017 for vacant land?

[azaduslove]

Can I deduct management expenses I paid in 2017 for vacant land i.e. no structures on it? These include what I paid for custodians to maintain it, security etc. I am not a real estate broker or dealer, consider the property to be a long-term asset, have no immediate plans of selling and have earned no income from the land. I have put the total money I paid in 2017 under "Other Deductible Expenses" and "Less Common Expenses" in my TurboTax return. Is this appropriate? Is there any supporting documentation or records I need to submit or keep handy for the IRS? Thanks. 

[kerriP · Accepted solution]

You can deduct these expenses as miscellaneous investment-related itemized deductions. Also consider deducting property taxes as personal itemized deduction  ( It appears, the $10,000 limit,for deducting property taxes enacted for 2018 through 2025 by the Tax Cuts and Jobs Act (TCJA) does not apply to investment property)

Interest

Any interest an investor pays on money borrowed to purchase vacant land is investment interest that can be deducted as an itemized personal deduction. However, the annual deduction for investment interest is limited to the investor's net investment income for the year. Any excess is carried over to future years.