quit claim + gift?

have a resale situation and wanted to get some opinions on the
following.
I am in the 25% tax bracket, my father is disabled and draws disability
insurance income tax free. he has about $35,000 in writeoffs each year
from mortgage interest, HELOC, + other. we are going to sell a new
house (flip it), for a gross profit of around $40,000. instead of
splitting profit 50/50, i was thinking of quit claiming my share of the
title to him, then have him take all the gains against his tax
writeoffs. then he would gift me 11,000 and my wife 9,000 to make up
my share of the 20,000. thoughts?