Couple of things you need to be aware of here, in case you aren't already.
You won't report the acquisition of "ANY" property on your tax return what-so-ever. But you will report/claim the property taxes you pay on the house your dad lives in, in the same exact place where you claim the property taxes you pay on the house you physically live in (assuming you own your primary residence.) I would fully expect all property tax bills to have you named as the owner of the property, which makes you legally liable and obligated to pay it.
For the raw land, what are you plans for it? This determines if you will treat it as investment property, or personal property for tax reporting purposes.
Next, since you were gifted the land and did not inherit it, that means you were also gifted the cost basis of the person who gifted it to you. For example, if your dad paid $10,000 for his house back in 1970 and it's fair market value when he gifted it to you was $300,000, your cost basis is $10,000. That means if you sell it for $300,000 you will pay taxes on the $290,000 gain.
Whereas if your dad left it to you in his last will and testament, then "your" cost basis upon inheriting the property after has passing would be the fair market value on the date of his passing. So if that was the case and the property was worth $300,000 when he passed and you sold it for $300,000, then you would not pay taxes on one single penny.
So you need to be aware of what your cost basis is so you will know what the tax implications will be for you, when/if you sell it in the future.
Do not confuse the above with UGMA or UGST as that is not considered a "gift" and the FMV is figured differently on a totally different set of criteria for each.
