Get your taxes done using TurboTax

STOP!!!!!!!

 

Get to an estate planner pronto.  You may need to give the house back to him, then do something different.

 

Let me give you one example.  Suppose he needs Medicaid for a nursing home in the next 5 years.  Medicaid won't cover you unless you are "poor".  You can't give away your stuff to make yourself poor for Medicaid.  Medicaid will ask for all the large gifts he has made in the past 5 years, such as giving his house to you.  Medicaid can then assess a penalty based on those gifts, and you will have a choice of selling the house to pay your father's nursing home bills before he gets coverage, or leaving him with no Medicaid and huge debts which can be inherited by you (medical debts can be inherited by heirs even though other debts usually can't be.)

 

Giving his home to you will also saddle you with a capital gains tax bill when and if you sell the home that you won't have to pay if you do it right.

 

See an expert immediately.