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Gift is not a taxable income for the recipient. Thus - if you receive a gift - you do not need to report it on your tax return and do not need to include it into your taxable income.
See for reference page 34 in IRS publication 525 - http://www.irs.gov/pub/irs-pdf/p525.pdf
Gifts from non-resident aliens above $100,000 are also reported on the form 3520 - http://www.irs.gov/pub/irs-pdf/f3520.pdf see part IV. There is no tax associated with this reporting.
If you sell the property which you receive as a gift - you will recognize the capital gain = (sale price) - (basis) and it will be your taxable income.
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