I live in Green Bay, WI in a newer development. We built our house 2 years ago and houses are starting to go up around here. We want to buy the vacant lot next to us so we don't get any neighbors.
I'm trying to figure out what the tax liability would be for owning this land. I am assuming it is considered an investment property. Is there any loopholes or tricks to reduce our liability? Any way to make this land part of our primary residence and if so, could ever sell it off someday as a vacant lot?
Even if you don't know the answer to any of these questions, I would really appreciate a source for where I can find them. I've spent an hour on Google and got nothing.