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Approximately 5 yrs ago my father transferred ownership of his home to my brother and I. He is elderly and not in good health and we anticipate that he may have to leave the residence at some point in the near future due to his health, at which time the property would more than likely be sold. Can anyone advise what the tax implications of the sale would be, whether taxes can be avoided, etc. Any help or advice would be much appreciated.
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