Hello! I have a property related questio

Question: Hello! I have a property related question. I live in USA on Green Card status. I got a piece of residential land from my father vide through court's order. Basically my father (he is still living but wanted to take care of it) divided his property between me and my brother via the court procedure. I do not intend to sell the land right now. Possibly in future I will gift it or sell it to my brother. So for now there is no sale involved. My question is do I need to do any paperwork now like filing Form 3520 or something else? And in future when I decide to either sell or gift it to my brother how will the paperwork look like if gifted vs. sold. Looking for some advice/suggestions as I am not at all familiar with these things but kind of suspect that different approaches could have different financial ramifications. Thank you

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