The purchase of the land for personal use is not reported on your return. You have do not report the land until it is sold. Interest on the purchase of vacant land for personal use is not deductible. However, if you build a home on the land, the mortgage interest is deductible at that time. If the land was purchased as an investment, the interest paid is deductible using Form 4952. Investment interest is deductible to the extent of your investment income.  

To enter the investment interest expense:

1. Go to the federal income tab (Personal in Home & Business)
2. Click on the deductions and credits section
3. Scroll down to the retirement and investment section
4. Start the other investment income expenses section

You can deduct on the purchase of the land are real estate taxes that you paid.

To enter real estate taxes you paid for your main home, a vacation home, or land:

1. Select Federal Taxes (Personal in the Home & Business edition).
2. In Online TurboTax, click the bars at the upper left corner to show Federal Taxes on the selection list; enlarge the screen if needed to show the left side selection list.
3. Select Deductions & Credits, and in the next screen, click I'll choose what I work On.
4. Scroll down the Deductions & Credits screen to the Your Home group.
5. Click on the Start/Update button next to the Property Taxes category.
6. Follow the prompts.