Buy and hold question?

[Joe Boggin]

They didn't help me out in the tax forum so I figure i would ask here
In PA what are the tax implications if you buy and hold a property? After you close the deal and pay the necessary transfer tax, what tax implications will you have when you file your personal income return if you do not plan on collecting rent?! Does it matter if you collect social security and gained the house in a dollar deed transfer? Will uncle sam see the assessed value posed by a county and tax you on the equity gained considering you we're gifted a property?