If you are setting this up as a rental (Schedule E) select "Land" for the What Type of Rental is This?" screen
Continue through the rental profile,
enter income and expenses
There should not be a need to enter the land as an asset unless you intend to make improvements. Land does not depreciate so there would be no depreciation recapture to worry about when you sell the land. Capital Gain would be reported the same whether sold as a business or personal asset.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"