If my father transfers to me in Nov 2016 the title of a property that he purchased in May 2016 and in 30 years i sell it, will taxes be ordinary income or capital gains?

[elyamos]

My father transferred the title to me less than a year after he purchased the property. But I hold onto the property long term and sell it after many years.

[Opus 17]

If you sell right away, you have the holding term of the person who gave you the gift.  If you sell after more than one year either way (giver held +one year or you held +one year), it is a long term gain.

Because this was a gift, your cost basis is the cost basis of the giver, so make sure that is thoroughly documented.

[elyamos]

So it doesn't matter that he transferred it to me after less than a year owning it. As long as I hold onto it for more than a year I can get capital gains treatment on sale. Is my understanding correct?

[SweetieJean]

But he may owe taxes himself, depending upon how the actual transfer takes place.

[bwa]

So long as you hold on to it for more than one year beginning with when Dad purchased it, it would be a long term capital gain.  With a gift, holding period carries over to the new owner.

[elyamos]

Thanks all for your responses

[Rick19744]

In addition to the above, just keep in mind that the responses (BWA and OPUS17) are based on the current tax laws.  Tax law changes could change the response in the 30 year time frame you mention in your post.  

[bwa]

The income will be capital gains because, after 30 years, you will certainly have met the long term gain holding period.

[TomD8]

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).