You generally won't be able to claim property taxes in your basis, unless you paid real estate taxes that the seller owed on the property when you bought it, and the seller didn't reimburse you.
You can, however, claim certain settlement fees or closing costs you paid when you originally purchased the property, and certain expenses for this construction.
For a more extensive overview of what you can include in the basis of this recreational property, please see "Real Property" on page 2 of IRS Publication 551, Basis of Assets.
You generally won't be able to claim property taxes in your basis, unless you paid real estate taxes that the seller owed on the property when you bought it, and the seller didn't reimburse you.
You can, however, claim certain settlement fees or closing costs you paid when you originally purchased the property, and certain expenses for this construction.
For a more extensive overview of what you can include in the basis of this recreational property, please see "Real Property" on page 2 of IRS Publication 551, Basis of Assets.