capital gain on sale of home

i bought a house earlier this year and in the same year i sold the house for a profit of 43000.00. i didnt live in the house just sold it for a profit. how do i report this gain? thanks alan

Sissa51,

I assume you bought and sold the house in 2007.

You report your sale on Schedule D, Line 1 Short Term Gains and Losses - Assets Held One Year or Less.

can any money i spent on improving the house before i sold it add to my original cost basis in the house?

Sissa51,

Your basis is what you paid for the house, plus your improvement costs, plus your cost of the sale.

For more information See IRS Pub 544, Sales and Other Dispositions of Assets.