How does a quitclaim deed property transfer from a father to son affect my tax return?

Did you do it yet?  🛑🛑🛑Stop and get professional tax advice first!!!!!  🛑🛑🛑

If you did this or will do this without professional advice, then this is a gift from your father to you.  You pay no tax receiving a gift.  The giver must file a gift tax return if the value is more than $15,000, but no gift tax is actually owed unless the giver's lifetime total of gifts is more than $11 million.

However, whenever you consider selling the property, you could pay a 💵💵💵huge capital gains tax bill💵💵💵 that can be avoided if you get proper financial advice first.  If the property is a gift, you would owe capital gains tax on the difference between the selling price and your father's original purchase price.  If you structure the transaction carefully, you could owe capital gains tax on the difference between the current value and the eventual selling price, which should mean much less tax owed.

If you take a straight gift and don't get tax advice first, you will need to know everything you can (with proof) about your father's cost in the property.  What did he originally pay?  If he purchased with your mother, did she die?  And if so, when, because that affects your capital gains.  Did your father make any permanent improvements?