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meb67
April 15, 2025
Question

I purchased land in 2024 that I plan to develop as my personal residence. Where do I add this on my taxes?

  • April 15, 2025
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    Vanessa A
    April 15, 2025

    You don't.  Land for your personal residence will be added to the cost basis, then when you sell your house it would be deducted from the sales price and decrease the profit. 

    There is no deduction for the land purchase when you buy it. 

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