What do I need to know when my father is transfering his home deed to me?

Establish the FMV at the time of the transfer with a formal appraisal from a licensed appraiser.

Get copies of all of the documents and receipts that substantiate his original cost basis and any improvements in the property.

In the unlikely event that he pays any Gift Tax on the gift, get a copy of that return for your records since it affects your basis.

Bear in mind that if he becomes a public burden within 5 years of the transfer date -- going into a nursing home paid for by Medicaid is a common example -- the state can claw back the property to provide for his care. You would have to surrender the deed or pay the state the FMV of the home at that time.

Consider the tax impact for yourself on the loss of the stepped up basis if it's transferred to you through his estate after he passes.

He will need to file a gift tax return but the tax will be zero.

I doubt it is a good move for you unless his basis in the house is more than $100,000. If it is less you will owe tax on more profit than if you waited to inherit it. An intervivos trust or a deed where he retains a life estate may be a better option.

he is probably filing a quit claim deed on the property for the county recorder to put the property in your name

recipients of gifts are not taxed on them(nor would if this was an inheritance)

your father might have some tax conditions to consider but his advisor has discussed this with him

eventually you will have some tax considerations when you sell it