[WSBAPT] REETA implications?

[jeffrey winter]

Thank you, Heather!

Jeff Winter

________________________________
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> on behalf of Heather deVrieze <heatherd at westseattlelaw.com>
Sent: Tuesday, June 19, 2018 4:38 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] REETA implications?


The short answer is YES. Tax due for any monies changing hands. The REETA should reflect “part inheritance” and “part sale” show the consideration and pay tax on that.



Heather



Heather S. de Vrieze
Attorney-at-Law

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3909 California Avenue SW

Seattle, WA 98116-3705

(206)938-5500

heatherd at westseattlelaw.com<mailto:heatherd at westseattlelaw.com>

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of jeffrey winter
Sent: Tuesday, June 19, 2018 4:13 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] REETA implications?



Listmates,



3 kids are inheriting real estate from a parent.  Initially, they wanted to sell it, but now the brother wants to buy out his siblings' interest in the property.  There is no debt on the property.  There are some bank accounts that might be used for nonprorata distribution purposes, but it's not clear that they are enough.



If the three enter into a TEDRA agreement that provides for this transaction, will there nevertheless be excise tax due if money changes hands?



Thanks in advance,



Jeff Winter

Jeffrey D. Winter, P.S.

604 N. Main Street

Ellensburg, WA 98926
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