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Tax basis

The tax basis of property you buy is usually its cost. The cost is the amount you pay in cash, debt obligations, other property, or services. Your cost also includes amounts you pay for the following items: Sales tax; Freight; Installation and testing; Excise taxes; Legal and accounting fees (when they must be capitalized); Revenue stamps; Recording fees; Real estate taxes (if assumed for the seller).

You may also have to capitalize certain other costs related to buying or producing property.

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