Can I deduct well installation cost on Vacant land sale?

[Brinkley1970]

I bought a piece of land 10 years ago and spent 10k having a well drilled.   I had to sell it this year due to emergency.  Can I deduct cost of well and an outbuilding I had installed on land?

[DoninGA · Accepted solution]

You can add the cost of the well to the Adjusted Basis of the property when it is sold.