You first need to determine the individual Basis of the land and homes to allocate it between them.
Was it used for personal use? If so, there is no need to report the sale if it was sold for a loss UNLESS you receive a Form 1099-S (look through the closing/sale paperwork, it is sometimes hidden in there).
If it was for business, rental or investment use, you may WANT to report the sale because you may be able to claim a deductible loss.
If it was sold at a gain, yes, you would need to report the sale.
