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If I pay 100,000 for land and then about 45000 in various…

If I pay 100,000...

If I pay 100,000 for land and then about 45000 in various costs but have deducted thing like Loan interest, insurance, Taxes of say 40,000. What is my basis 145,000 or 145,000 minus the deducted expenses of 40,000 leaving 105,000

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I'm asking becasue we are forming new LLC and bringing in a partner with 200,000 so we can build a house.

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1/15/2018
TaxRobin
TaxRobin, Senior Advisor
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Your basis would not include the various costs that you have already deducted.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

TaxRobin
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