Do I need to report inherited property or land?

You need to report inherited land only if you sold it or rented it out.

Example: You inherited a parcel of land worth $25,000 but aren't using it to earn income. There's nothing to report.

But if you lease the land and are collecting payment, you'd report the income. If you sold the land, you'd report the gain or loss from the sale as a capital gain or loss on Schedule D.