[WSBAPT] Failed reverse 1031 exchange question

[Bryce Dille]

I have has this happen on several occasions and I use WAC458-61A-213(3) then attach narrative explaining the situation and I have never had a problem.

Bryce H. Dille
Dille Law, PLLC
2010 Caton Way SW Ste. 101
Olympia, WA 98502
Office: 360-350-0270
Cell: 253-579-5561

[R_Alan_Swanson-WH-200]
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Business Entity Creation and Management, Business, Government and Tax Law, Real Estate and Land Use, Residential, Commercial and Condominium Development Real Estate and Commercial Transactions & Closings, Including Performing Services as IRS Section 1031 Exchange Facilitator Estate Planning, including Wills and Trusts, and Probate Administration Representation Homeowners/Condominium Association Real Estate Developments Real Property Foreclosures and Forfeitures.

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Heather Walley
Sent: Tuesday, September 12, 2023 10:27 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Failed reverse 1031 exchange question

Good morning,

Our practice provides 1031 services.  Generally, the LLC that is holding the title to the property is transferred to the client.  Then when the client is the owner of the LLC, Quit Claim Deed from the LLC to the member.

Very truly yours,

Heather A. Walley
Attorney at Law
Pronouns: She/Her
McFERRAN LAW, P.S.
Address:  3906 South 74th Street, Tacoma, WA 98409
Direct Dial:  (253) 284-3895
Facsimile:  (253) 284-3855
Email:  hwalley at mcferranlaw.com<mailto:hwalley at mcferranlaw.com>

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Tracy Paul
Sent: Tuesday, September 12, 2023 10:13 AM
To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Failed reverse 1031 exchange question

Good Morning Listmates,

A client has a failed reverse 1031 exchange. They purchased the exchange property through a facilitator, but failed to sell the property they planned to use in the exchange. The exchange facilitator still holds title and needs to transfer the purchased property to the client. The facilitator is unsure which WAC exemption to cite on the REET. Excise tax was paid when the facilitator purchased the exchange property and no consideration will be paid for the transfer to the client (since the property was purchased with client's funds).

I'm sure this is not the first failed reverse exchange. Has anyone had a similar experience and know which WAC exemption is appropriate in this situation?

Thanks!
Tracy

--
TRACY PAUL

Life and Legacy Wealth Planning Attorney

HAYMOND LAW

P 435.709.5820<tel:435.709.5820>

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