Investment Real Estate

I'm making some assumptions here based on my interpretation of your post. But really, more details are required. I am assuming there is some kind of a structure on this land based on your reference to "utilities". I'm also assumng that structure is classified as a residential property based on your reference to HOA dues and the statement, "not being rented".  Therefore the property has no business use what-so-ever.

This means the property is considered a 2nd home and the only deductible items are property taxes and mortgage interest. Any insurance you're paying on this property is not deductible. Neither are the utilities and HOA dues.

However, when you sell the property you'll report the sale in the Investments section under the Personal Income tab. Do note that if you sell at a loss then be aware that losses on the sale of personal property are not deductible.

Now, if you do ***NOT*** claim the mortgage interest, property taxes, HOA dues each year you hold the property, then you can add those costs to your cost basis in the year you sell the property. But you can't do that with your utilities costs since unoccupied property has no real justifiable need for water, electric, etc. in the eyes of the IRS.

I myself would to the latter, since claiming the interest and taxes each year is a SCH A  deduction subject to the SALT limitations and the requirement that all SCH A deductions exceed the standard deduction before SCH A deductions make any difference to my tax liability.

Do note that if you utilize the property for any type of personal use for even one single day during your ownership of the property, that makes it personal use.