Yes, you report the sale as a Capital Investment in the Investment Section of TurboTax under Stocks, Bonds, Other. Your acquired date is the date of death of your mother and your basis in the land is the Fair Market Value as of the date of her death.
After you click No that you did not get a 1099-B for this sale there is an option for land.
This is a capital loss which is deductible on your tax return. If your loss is more than $3,000 you can take a maximum of $3,000 per year above capital gains on your tax return.
What is the Capital Gains Tax?
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