[WSBARP] Real Estate Excise Tax Exemption

[Jim Doran]

To followup on the REET supplemental statement, the Whatcom County
Treasurer made it clear that the joint tenancy or tenancy in common
exemption can only be used if both parties are on the original deed and
want to create the new ownership as joib=nt tenanats or tenants in common.
Makes sense.

Jim Doran


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

On Tue, May 17, 2016 at 12:22 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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