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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?
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.
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:
Publication 544, Sales and other Dispositions of Assets
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