THANK YOU SO MUCH! I know posted this question long ago however your "life use" comment does change alot. Yes, the house title has my name on it and under my father's name with "Life Use" clearly stated. It was something I insisted on as I would NEVER dream of asking my father to leave the home my parents worked so hard to pay for and we were moving it to my name for estate purposes.
So while he is still healthy as can be (and we'll be 5 years after the title change next summer) it is very valuable to know that capital gains would be paid on the difference of the value of the house upon his eventual passing and the sale price. When my parents paid under $20k for the home one begins to wonder how this effects the family down the line.
