159751
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I own lot of land in residential area for building home. I paid $2500 in 2017 for Topography survey, not decided yet to build home. Can I deduct in addition to taxes?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

I own lot of land in residential area for building home. I paid $2500 in 2017 for Topography survey, not decided yet to build home. Can I deduct in addition to taxes?

No. If at some point you do build a home, it can be added to the basis.  Cost Basis is the purchase price plus buying costs (fees you paid in connection with the purchase such as legal fees, abstract fees, survey charges, owner's title, etc.) plus improvements, minus depreciation.

Home under construction. 

You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy.

The 24-month period can start any time on or after the day construction begin.


View solution in original post

1 Reply
Coleen3
Intuit Alumni

I own lot of land in residential area for building home. I paid $2500 in 2017 for Topography survey, not decided yet to build home. Can I deduct in addition to taxes?

No. If at some point you do build a home, it can be added to the basis.  Cost Basis is the purchase price plus buying costs (fees you paid in connection with the purchase such as legal fees, abstract fees, survey charges, owner's title, etc.) plus improvements, minus depreciation.

Home under construction. 

You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy.

The 24-month period can start any time on or after the day construction begin.


Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question