It's not clear whether you gave the gift or received the gift. You do not pay income tax on a gift that you received, and you do not report it on your tax return, as long as it's a true gift with no strings attached.
Your basis for a gift that you received will affect your tax if and when you dispose of the asset. To determine your basis you need to know the donor's basis, the fair market value at the time it was given to you, and how much, if any, gift tax was paid on it. If you gave the gift, the person you gave it to will need this information. For details see "Property Received as a Gift" in IRS Publication 551, Basis of Assets.
