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Talorraine
March 20, 2024
Question

cost basis land sale

  • March 20, 2024
  • 1 reply
  • 0 views

When calculating cost or other basis from a land sale, may I include the non ad valorem assessments levying fees incurred while I owned the land? This is a long term sale.

 

Non advalorem assessments levying over the last 10 years totaled $16,350 and the land cost was $4024.  

 

Thanks,

Talorraine

    1 reply

    M
    MinhT1
    March 20, 2024

    Yes.

     

    Non-ad valorem assessments aren't based on the value of your property and are paid for improvements to your property. 

     

    They aren't deductible as property taxes, but can be added to the cost basis of your land.

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