tax implications?

[Joe Boggin]

if a property is gifted to you from a third party, do you pay any taxes on that equity as you just earned it? i know if you rent it there are taxes on rental income...i know if you sell it there will be a capital gains tax...i know that when you assume the title there are transfer taxes at closing...but if you get gifted a small property with some equity (less then 30k) are you liable for any tax implications by just by assuming ownership???