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You do not need to report anything on this purchase until you sell it.
This is assuming you are not renting the land out or doing other income producing activities on the land.
As long as the land is in the US, property taxes that you pay can be included with your other deductible property taxes (subject to the overall $10,000 cap on deducting state and local taxes).
If you make improvements to the land (permanent changes to the land and attached structures, including installing utilities, taking down trees to get ready to build, putting up fences, etc.) those are not immediately deductible but you should keep records until you sell the land, because improvements increase your adjusted cost basis and may reduce any capital gains tax you owe when you sell. (Improvements include things that add value to the property or adapt it to a new use, so taking down trees and grading the property for a parking lot would count as an improvement, even though not everyone would see a parking lot as an "improvement.")
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