Land Subdivision capital gains

[Matt Streeter]

We purchased 133.7 acres January 20th of 2024, we then proceeded to subdivide 4 building lots, ( two 10 acre lots,  and two 2 acre lots)  which included costs associated with septic testing,  survey & subdivision, and property maintenence required to market the building lots. We are currently under contract on one of the lots. The land itself ran us about 3600/ acre, (480,000) and approximately another 20,000 in closing costs. We have approximately 10,000 in septic testing and subdivision, and another approximately 10,000 in a tractor to maintain the building lots.  Our big cost is the mortgage interest, which is 8.3% on approximately $360,000, last year our mortgage interest was about $25,000. We are set to close on a 10 acre building lot January 31st for 125,000. That will put us into the long term capital gains category on the sale.  with the information provided can someone please give me our cost basis so I can figure total capital gains? land sale is in Northern PA, but we are currently NY residents.