I was given (gifted) a piece of property that included a house, how does this impact my taxes?

I was given a piece of property by my parents that included their home.  Does this affect my taxes and, if so, how do I account for this gift?

Additionally, I have a construction loan for my home that will be built on that same property, however, since construction hasn't begun, no money nor interest has been paid.  Do I need to account for this loan in some way and if so, how?