In order to obtain the homestead exemption you would need to be a permanent resident of Florida. Your father's homestead exemption should not affect your ability to homestead the property once it is in your possession and you comply with Florida Statutes.
Ms Gerling offers sound advice. There do not appear to be any impediments to claiming your own exemption.
LEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is email@example.com , his website is www.sjfpc.com. and his blog is <http://frommtaxes.wordpress.com/> Mr. Fromm is ethically required to state that the response herein is not legal advice and does not create an attorney/ client relationship. Also, there are no recognized legal specialties under Pennsylvania law. Any references to a trust, estate or tax lawyer refer only to the fact that Mr. Fromm limits his practice to these areas of the law. These responses are only in the form of legal education and are intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received. By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction, who is familiar with your specific facts and all of the circumstances and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question. Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.
I am not sure what you mean by "homestead penalty." You are entitled to a homestead exemption (which reduces taxes) if you live in the house as your permanent residence. If your dad lives out of state and the Florida house is a vacation home or rental property, he is not entitled to a homestead exemption. If you dad transfers to house to you, you can apply for the homestead exemption. If you want the exemption for 2013, you must complete the transfer and move into the house before the end of this month. You should consult an experienced real estate lawyer in your area to help you with this transaction.
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.
I agree with Mr. Deason. I write only to point out that transferring this property will have other consequences that you may not have considered, but which you should. First, this would be considered a gift and your father would need to file a gift tax return. Second, YOU would receive a carry-over basis in the property, which might cause you to have a significant income tax penalty, when you sell it. You may save property taxes only to pay thousands of dollars more in income taxes. Before doing this, you should meet with a CPA or tax attorney to see if there is a way to structure this that would allow you to avoid these issues.
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!