[WSBAPT] Is an assumption a refinance for excise tax purposes?

[Craig Gourley]

Excise is required on all debt relief / assumptions.

Gourley Law Group
Snohomish Escrow
The Exchange Connection

1002 10th Street / PO Box 1091
Snohomish, WA 98291

360.568.5065
360.568.8092  fax
Craig at glgmail.com<mailto:Craig at glgmail.com>

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Lisa E Schuchman
Sent: Tuesday, August 08, 2017 1:22 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Is an assumption a refinance for excise tax purposes?

I'm making a gift transfer of real estate from parents to themselves, a child, and his spouse (the owners will be the two marital communities).  The parents are gifting all of their equity and the younger couple are doing a non-recourse assumption of the mortgage and will pay it going forward.

Does anyone have an opinion on how an assumption reads for excise tax purposes? WAC 458-61A-201 refers to a refinance of the debt, but not an assumption.

Thanks.

Lisa E. Schuchman
206-960-4212
www.lisaschuchman.com<http://www.lisaschuchman.com/>

I learn, I give. - Gloria Steinem

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