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

[HelenC12]

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?

[zoonut]

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]

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