No, that is not considered buying a house. That would be a house gifted to you since your father is still alive, unless you paid him for it.
Clarification...Are you asking this because of a question in the rental section or another area of TurboTax?
Thank you so much for answering. No, I was asking with the first question about "buying a house"...I may throw out a question again!
Yes, he has gifted the house to you and he (or his legal representative) will need to file a 709 Gift tax return to report the gift if the amount of the gift is more than $15,000. To determine the amount of the gift;
If the FMV of the property at the time the donor made the gift is equal to or greater than the donor's adjusted basis, your basis for the gift is the donor's adjusted basis just before the donor made the gift.
If the donor paid a gift tax on the gift and made the gift after 1976, increase your basis by the gift tax paid on the net increase in value. To figure out the net increase in value or for other information on gifts received before 1977, see Publication 551, Basis of Assets. As I mentioned, if he hasn't paid a gift tax already, then disregard this point.
Here are the instructions for filling out form 709 as well as additional information you may find helpful.
@jimkarensw
You did not ask----but have you had some legal advice from an elder care attorney regarding your dad "giving " the house to you and going into a nursing home? If your dad goes on Medicaid there will be a five year lookback on any assets he gave away before going on Medicaid, and they could go after that house. Make sure you have had some good legal advice.