Legal Question in Real Estate Law in Pennsylvania

Brad,

You need a Florida real estate and tax lawyer. It may be that your father has to deed it over to you. Regarding tax liability, your father can gift up to $12,000 (the limits might have gone up to $13,000 and would be double if your father is married) free of gift tax. But I don't know what your father's other assets are or if he can take advantage of the unified credit. Your father and you really need to see a tax attorney to see the best way to do this. One way might be to sell the property and have your father forgive $12,000 or $13,000 of the debt each year. There is no financial impact to you - the donor pays the tax.