Are there a tax deductions for buying land?

The short answer is Maybe. 

Investment Property

If you borrow money to buy property you hold for investment, the interest you pay is investment interest. You can deduct investment interest subject to certain limits. Generally, your deduction for investment interest expense is limited to your net investment income.

You can carry over the amount of investment interest you could not deduct because of this limit to the next tax year. The interest carried over is treated as investment interest paid or accrued in that next year.

To deduct your investment expenses, you must itemize deductions on Schedule A (Form 1040). Enter your deductible investment interest expense on Schedule A (Form 1040), line 14.  Also attach a completed Form 4952 if you used that form to figure your investment interest expense.

In TurboTax you can enter it under Deductions and Credits > Retirement  and Investment > Investment Interest Expenses.

You must also complete a Form 4952- Investment Interest Expense Deduction.
http://www.irs.gov/pub/irs-pdf/f4952.pdf

http://www.irs.gov/pub/irs-pdf/p550.pdf

Property you bought to build a home on

You cannot deduct interest on land that you intend to build a home on, but some interest may be deductible when construction begins. You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it is ready for occupancy. The 24-month period can start any time on or after the day construction begins. As a qualified home, the interest paid within certain limitations may qualify as deductible mortgage interest.