Taxes on selling land

You may owe capital gains tax on the difference between your cost (plus substantial improvements you made to the property) and what you get for it. Assuming you make money on the deal.

I think the rate is at your regular income tax rate if you hold the property less than a year, but the rate can be way less if you hold over a year. The rules for your residence are quite different, but it sounds like this is not your residence.

May want to read IRS Topic 409 - Capital Gains and Losses