Only if you sell the property for more than fair market value. Then you pay capital gains on a Schedule D for the amount you gained.
REFERENCE:
http://www.irs.gov/Help-&-Resources/Tools-&-FAQs/FAQs-for-Individuals/Frequently-Asked-Tax-Questions-&-Answers/Interest,-Dividends,-Other-Types-of-Income/Gifts-&-Inheritances/Gifts-&-Inheritances
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