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1. It sounds like you are describing a house. 

• If it was your main home that you lived in 2 out of 5 years, you may not need to report the house sale at all. See Topic No. 701 Sale of Your Home.
• If it was your second home, inherited, or a lot, it goes on Sch D.  See Where do I enter the sale of a second home, an inherited home, or land on my 2022 taxes?
• If it was a rental house, go to your depreciation and mark that you sold/disposed of the property and continue through that section. See Need to enter sale of rental property where do I find this schedule?

2. Basis would be $175,000 unless it was depreciated.

Reference: Is the money I made from a home sale taxable?