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zoonut
New Member

Do I report sale of real estate (a vacant lot) on Schedule D? Thanks!

 
3 Replies
HelenC12
Expert Alumni

Do I report sale of real estate (a vacant lot) on Schedule D? Thanks!

Yes, report the sale of land on Schedule D and Form 8949 Sales and Other Dispositions of Capital Assets. 

 

To report the sale of land, see Where do I enter the sale of a second home, an inherited home, or land on my 2020 taxes?

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zoonut
New Member

Do I report sale of real estate (a vacant lot) on Schedule D? Thanks!

This did not provide me with all the information that I needed.  I am looking for instructions on cost basis and have tried everything I can think of with no results.  For instance, does cost basis allow deductions for property taxes paid and interest paid on the loan over the years?  I used the deductions shown on the 1099 S.  Thank you.

AmyC
Expert Alumni

Do I report sale of real estate (a vacant lot) on Schedule D? Thanks!

No. Your basis is what you paid plus any improvements.

Property tax is maintenance not an improvement. Interest paid is a personal choice - in IRS thinking, no deduction for that.

Related:

Topic No. 703

Publication 544, Sales and other Dispositions of Assets

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