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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Lurker Brian for the win!
</span><span style="font-size:12.0pt;font-family:"Segoe UI Emoji",sans-serif">š</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif"> Iāve never seen a King County REETA, but I very much like how in the upper left corner it shows the selling
price as the net taxable selling price just as it āshould.ā Well done and very kind of you to share. Best, Josh
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Joshua D. McKarcher<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">McKarcher Law PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">537 6th Street<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Clarkston, WA 99403<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">(509) 758-3345<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">(509) 758-3314 (fax)<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><a href="mailto:josh@mckarcherlaw.com"><span style="color:#0086F0">josh@mckarcherlaw.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><a href="http://www.mckarcherlaw.com/"><span style="color:#0086F0">www.mckarcherlaw.com</span></a><o:p></o:p></span></p>
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<p class="MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Brian Wichmann<br>
<b>Sent:</b> Thursday, November 9, 2023 12:14 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] Sale of house to heir with credit for inheritance share - and REET<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><span style="color:black">I'm usually just a lurker... but you provide so much to this list serve that I'm moved to respond. Attached is an example accepted by King County a couple of months ago<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:black">Brian<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:black"><o:p> </o:p></span></p>
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<p><span style="color:black">Brian Wichmann<br>
Attorney at Law<br>
15201 Military Rd S<br>
SeaTac, WA 98188</span><o:p></o:p></p>
<p><span style="color:black">(206) 244-7433</span><o:p></o:p></p>
<p><span style="color:black"> </span><o:p></o:p></p>
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<p class="MsoNormal"><b><span style="color:black">From:</span></b><span style="color:black">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>> on behalf of Eric Nelsen <<a href="mailto:eric@sayrelawoffices.com">eric@sayrelawoffices.com</a>><br>
<b>Sent:</b> Wednesday, November 8, 2023 5:06 PM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv' <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> [WSBAPT] Sale of house to heir with credit for inheritance share - and REET</span>
<o:p></o:p></p>
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<p class="MsoNormal"> <o:p></o:p></p>
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<p class="xmsonormal">Estate sells house to an heir for defined Purchase Price of $500,000, and provides a credit of $50,000 against the Purchase Price as a partial distribution of inheritance.<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal">What should Real Estate Excise Tax be calculated upon?<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<ol style="margin-top:0in" start="1" type="1">
<li class="xmsolistparagraph" style="margin-left:0in;mso-list:l0 level1 lfo1">$450,000, because the consideration received is only that? BUT: Do the parties list $450,000 as the Purchase Price on the REET Affidavit, despite the prima facie specification of
$500,000 as the Purchase Price? Or does escrow valiantly attempt to list $500,000 as the Purchase Price, list an exemption for $50,000 and cite the inheritance WAC and provide the proper documentation, and then cross fingers and pray it doesnāt get screwed
up?<o:p></o:p></li><li class="xmsolistparagraph" style="margin-left:0in;mso-list:l0 level1 lfo1">$500,000, because itās better to pay more tax than it is the deal with the deed getting bounced because it looks funny to somebody at the recorderās office?<o:p></o:p></li></ol>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal">The form does seem to allow for a partial exemption, but Iāve never attempted it. Does it actually work?<o:p></o:p></p>
<p class="xmsonormal"><img border="0" width="366" height="231" style="width:3.8154in;height:2.4047in" id="x_Picture_x0020_1" src="cid:image001.png@01DA130A.B05879C0"><o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal">Sincerely,<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal">Eric<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal">Eric C. Nelsen<o:p></o:p></p>
<p class="xmsonormal">Sayre Law Offices, PLLC<o:p></o:p></p>
<p class="xmsonormal">1417 31st Ave South<o:p></o:p></p>
<p class="xmsonormal">Seattle WA 98144-3909<o:p></o:p></p>
<p class="xmsonormal">206-625-0092<o:p></o:p></p>
<p class="xmsonormal"><a href="mailto:eric@sayrelawoffices.com">eric@sayrelawoffices.com</a><o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
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