[WSBARP] Excise Tax Question

[Jay Goldstein]

Looks like WAC 458-61A-215 would apply—clearing or exiting title, and
additions to title

 

J

 

Jay A. Goldstein

 

1800 Cooper Point RD SW NO. 8  |  Olympia, WA 98502  

Telephone 360.352.1970  |  Fax 360.357.0844 |  www.jaglaw.net
<http://www.jaglaw.net/>   

jay at jaglaw.net

 

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From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Samuel M. Meyler
Sent: Tuesday, July 08, 2014 11:18 AM
To: wsbarp at listserv.nethelps.com
Subject: [WSBARP] Excise Tax Question

 

Listmates,

 

I’m trying to determine whether or not there is any excise tax exemption
that applies to the following scenario:

 

A and B, who are dating but not married, purchase a home together for
$500,000 with a loan of $400,000.  A and B jointly pay the mortgage for 4
years before separating.  A and C start dating, get married and make the
payments on the loan thereafter.  The balance on the loan is now $300,000.
B is to execute a Quit Claim Deed to be taken off of title so that A and C
can refinance the loan into their names.  

 

Is excise tax due for B’s release of their interest?  Are there any
exemptions that apply?   

 

Samuel M. Meyler

Attorney at Law 

Mail:  P.O. Box 777 | Redmond, WA 98073-0777

Location:  8201 164th Ave. NE, Suite 200 | Redmond, WA 98052

Tel:  425.881.3680 | Fax:  425.881.1457 | Email:  samuel at meylerlegal.com

  

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