[WSBARP] Excise Tax on Transfer & Lease Question

[Eric Nelsen]

Yes, exempt from excise tax so long as the grantors own the LLC in the
same proportion as they own the property--mere change in identity or form,
WAC 458-61A-211(2)
<http://apps.leg.wa.gov/wac/default.aspx?cite=458-61A-211> .

 

Sincerely,

 

Eric

 

Eric C. Nelsen

SAYRE LAW OFFICES, PLLC

1320 University St

Seattle WA  98101-2837

phone 206-625-0092

fax 206-625-9040

 

 

 

From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Jodi Bourg
Sent: Wednesday, May 28, 2014 4:43 PM
To: Listserv, WSBARP
Subject: [WSBARP] Excise Tax on Transfer & Lease Question

 

Mates,

 

I've got HCs one of whom owns the home in King County in which they live.
They are planning to rent it out.  So far, so good.  They want to quit
claim this property to their LLC.  I know that quit claiming from an LLC
to its members exempts it from paying excise tax, but does it work the
other way?  I imagine the WACs have the answer somewhere, but I was hoping
that someone would know off the top of their head.

 

The other part of this question has to do with the fact that HCs' home is
waterfront property and they are concerned about liability against, for
lack of a better term, an accident having to do with someone falling in
the water or worse.  Has anyone dealt with this concern in a lease and if
so, would you be willing to share it with me.

 

Many thanks.

 

Jodi Bourg

 

 

 

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As with all lists - let the reader beware! No warranties or
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All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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