To report the sale of your inherited property in TurboTax, click the "magnifying glass Search" icon, enter "land sale" in the search window and press return or enter, and then click on the "Jump to land sale" link to begin entry. The land you sold is treated the same as any other investment, like a stock. Just answer the questions TurboTax asks as they relate to the land you sold.
You need to report the sale of the property you inherited, even if it sold at a loss. A capital loss on the sale of the property can offset any capital gains, and you can deduct any excess up to $3,000 per year. Any capital loss not used this year can "carry forward" to future years.
Note that when you inherited the property, your basis was "stepped up" to the fair market value on the date the person passed away. So, you compare what you received from the sale to your share of the "fair market value on the date of death" to figure out if you had a gain or loss on the sale.
IRS Top 409 at this link gives a good overview of capital gains and losses.
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