When you sell a capital asset, such as a piece of property, any gain is a capital gain. If you've held the asset for more than one year, you have a long-term capital gain. If you've held it for less than a year, you have a short-term capital gain. They are taxed differently, but both are capital gains.
Pay special attention to what Opus 17 said, because you'll need to know your father's "cost basis" for the property in order to eventually calculate your capital gain (or loss). Keep all the records relating to your father's purchase of the property, and to any capital improvements he may have made before transferring the property to you.
Your father may also have to file a gift tax return (IRS Form 709), if the value of the property was more than $14,000 (2015).
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
