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In 1997, I sold some land that I had purchased about 12 years ago. It was purchased for the purpose of building a home, but nothing was ever done with it (It is not business property). I need to know what I can use to adjust the BASIS or deduct. I have the following expenses:
Closing costs on purchase and sale.
Property tax
Interest on loan
Subdivision assessments for road improvement, etc.

The tax books always use the terms "may be deductible" but don't clearly state when the "may" is a definite "yes" or "no". Any help would be appreciated.

Katarn
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