sale of father's house

[odph1]

What is the name of your state? WV. After my mother passed away in 1999, my father signed his house over to me to protect it in case he should need to go to a nursing home some time. He has become terminally ill, gotten married and put the house up for sale. It is a old house purchased in 1961 for 3,000.00 is now being sold for $42,500.00 Will I have to pay capitol gains taxes on this sell, and if so can I sign it back over to my father and have him sign the sales contract?

 

[HomeGuru]

What is the name of your state? WV. After my mother passed away in 1999, my father signed his house over to me to protect it in case he should need to go to a nursing home some time. He has become terminally ill, gotten married and put the house up for sale. It is a old house purchased in 1961 for 3,000.00 is now being sold for $42,500.00 Will I have to pay capitol gains taxes on this sell, and if so can I sign it back over to my father and have him sign the sales contract?

**A: please post on the Tax Law board.