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Yes, you would include the land improvements such as your well installation as part of the cost of the property. Add that cost to your original cost basis when entering the sale and the gain will reflect the difference in gain.
This answer assumes this is investment property and was not part of a business property such as residential rental or part of a business.
Land is considered investment property if it is not part of a home sale. Land sales are reported by using the following instruction.
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