Expense land costs on taxes

[George Habator]

Hi, all.
I bought a condemned house to knock down, as an investment. I had closing costs and demo costs. Right now, its just a lot. What can i expense on my taxes?
Also, if at some point i decide not to sell the property or build as an investment but instead to build my primary residence on it, are there any tax restrictions, issues, etc?
Thanks

[Christopher Smith]

Sounds like costs that might need to be capitalized to the land / lot.