"do I need to pay taxes for the gift this year"
No.
"do I pay taxes later on after we sell the house next year or the year after?"
Possibly. If you have a capital gain from the sale that exceeds your capital gain exclusion amount (currently $250,000 if filing Single; $500,000 if filing jointly), then you will owe a capital gains tax. You qualify for the exclusion if you've owned and lived in the home as your primary residence for at least two of the five years leading up to the date of sale.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
