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No Double-Dipping |
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. I am getting ready to sell a 17-acre plot. Will I be able to count the taxes I paid on this land for the past 20 years as part of the original cost of the land in reporting any profit I make? |
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If you itemized your deductions, you could have listed those property taxes on your tax returns year by year. Taking them now would be double-dipping, and I'm afraid you can't count them as part of your cost basis. |
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Edith
Originally published on June 18, 2005 |
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