If this land was used as an investment property and NOT for personal use only the the sale would reported as an investment sale with a capital loss. Only the cost of any improvement to the property can be added to the basis of the property.
To enter an investment sale -
Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Cryptocurrency, Mutual Funds, Bonds, Other, click the start or update button
Or enter investment sales in the Search box located in the upper right of the program screen. Click on Jump to investment sales
