Would I encounter issues with the IRS if I buy my dad's property?

My dad has been wanting to sell his house to me at a very huge discount. The house is worth 5 times the price he is selling given its current condition and he has decided to let me have it. The home is in Jersey and there wouldn’t be any complications since I am an only child. We will finance the $70k purchase price that my dad is offering. Would there be any issues with the IRS? by kayvonf857 from Arlington, Indiana. May 16th 2022 Reply