I am a living in US and a permanent resident. I have some land in a foreign country and planning to sell it. If I transfer the money to a US bank, do I need to pay tax in US?

If the land is sold at a profit you will have to report the sale as a capital gain and pay US income tax accordingly. You mention in the title of your post that this is an inheritance - if so, then your cost basis for figuring capital gains is the fair market value as of the date of death of the decedant. I assume that you would also have to report the sale to the tax authorities in the country where this land is. If so, you can take a credit on your US tax return for taxes paid to the foreign country.

You may have to file form 3520 as well, depending on how much money you are transferring into the US. This form is for information purposes only - there is no US tax due on the transfer of the money.

No