Does the land rental produce net income or a loss for tax purposes? (Look at Line 22 of your Schedule E in the column for the land rental)
Also, do you qualify as a Real Estate Professional? The requirements are:
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More than half of the personal services you perform in all trades or businesses during the tax year are performed in real property trades or businesses in which you materially participate.
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You perform more than 750 hours of services during the tax year in real property trades or businesses in which you materially participate.
If you do not qualify as a Real Estate Professional, this entire discussion is moot as simply having a real estate license (but not qualifying as a Real Estate Professional) does not change anything about the tax treatment of your rentals.
Here is an earlier discussion about being a Real Estate Professional: Solved: Real Estate Professional status election (intuit.com)
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