Am I to assume I don’t have to “itemize” for the IRS what I put in the form, just add them up and have the proof in a file for them if they want it? I have (What I paid – then I would add all my selling costs ) which would get me my cost basis? It also listed improvements – not understanding that this would be ok since I depreciated the improvement when it was added. But it looked like I would add the cost of the improvement to the basis.
I wasn’t able to pull up the 544 pub. at the IRS web site.
The disposition of each type of property is reported separately in the appropriate part of Form 4797 (for example, for property held more than 1 year, report the sale of a building in Part III and land in Part I).