[WSBARP] Real Estate Excise Tax Exemption

[Jim Doran]

That is the right analysis for what we are doing.
On May 17, 2016 12:35 PM, "Craig Gourley" <craig at glgmail.com> wrote:

> I think it depends on your facts.  Looking at the examples, I think 204 is
> mostly for changing the ownership form when people already own property
> together.   Section 201 is for gifts.  So if your JT is being created by
> adding a person to the title with no consideration passing, I would just
> use the gift exemption.  For example parent wants to add child as a JT, I
> think you have a gift as long as the consideration and debt issues are
> correctly addressed.
>
>
>
> *Gourley Law Group*
>
> *Snohomish Escrow*
>
> *The Exchange Connection*
>
>
>
> 1002 10th Street / PO Box 1091
>
> Snohomish, WA 98291
>
>
>
> 360.568.5065
>
> 360.568.8092  fax
>
> *Craig at glgmail.com <Craig at glgmail.com>*
>
>
>
> *From:* wsbarp-bounces at lists.wsbarppt.com [mailto:
> wsbarp-bounces at lists.wsbarppt.com] *On Behalf Of *Jim Doran
> *Sent:* Tuesday, May 17, 2016 11:49 AM
> *To:* WSBA Real Property Listserv <WSBARP at lists.wsbarppt.com>
> *Subject:* [WSBARP] Real Estate Excise Tax Exemption
>
>
>
> WAC 458-61!-204 allows an exemption to the REET for "the creation of a
> ....joint tenancy...if no consideration passes otherwise."  But the WAC
> then references 458-61A-201 Gifts.  That seems to mean that we can use the
> Joint tenancy exemption but that we have to use the "supplemental statement
> as stated in WAC 458-61A-201, Gifts.
>
>
> WAC 458-61A-201 allows for a Gift of real property as exempt from excise
> tax if the REET Affidavit has a "supplemental statement approved by the
> Department completed and attached to the affidavit".  The contents we can
> handle but I do not know of this "supplemental statement" *format* or
> what it means to have *the Department approve of it.*
>
> Can anyone shed any light on this for me and maybe an example of the
> "approved format".
>
> Thank you.
>
> James R. Doran
>
> Attorney at Law
>
> 100 E. Pine Street -  Suite 205
>
> Bellingham, WA 98225
> (360)393-9506
>
> jim at doranlegal.com
>
> www.doranlegal.com
>
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