Yes, the land sale is just another investment. You enter it as an investment sale just like stocks. If you have investment sale losses, after you subtract the losses from your gains if you still have a Net Loss you can deduct up to 3,000 per year. The rest you have to carry over.
You have to report the carryover every year until it's used up. You can't skip a year. Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year. You can't choose when to use it.
When did you sell it? Do you need to amend some prior years?
