Since land is not depreciated and appears in Part I of Form 4797, is it appropriate to include the original cost of the land only in both column (d) gross sale price and column (f) Cost or other basis, plus improvements and expense of sale? So Part I would appear as follows:
(a) description: land
(b) date acquired: 11/24/2006
(c) date sold: 3/3/2021
(d) gross sale price: $36,000
(e) depreciation: $0
(f) Cost or other basis, plus improvements and expense of sale: $36,000
(g) gain or (loss): $0
All improvements and expense of sale would be allocated to the house and other Form 4562 assets.
