[WSBARP] LLC transfer and real property - !% tax?

[John McCrady]

You can find the excise tax affidavit for a controlling interest transfer here:  https://dor.wa.gov/get-form-or-publication/forms-subject/real-estate-excise-tax

The instructions included therein should assist you.


John McCrady
Puget Sound Title Company
5350 Orchard Street West
University Place WA 98467
253-476-5721
j.mccrady at pstitle.com

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Josh Grant
Sent: Tuesday, September 12, 2017 2:17 PM
To: wsbar <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] LLC transfer and real property - !% tax?

Two brothers inherited from their parents.  Brother A received real property; Brother B and Brother A each received 1/7th interest in an LLC which holds only real property.

The two brothers wish to realign the property between themselves.

I assume when Brother A gives real property to Brother B because he is getting interests in an LLC in return, that the 1% tax needs to be paid (based on the assessed value of the land he is getting).

I think I saw a discussion here that when Brother B gives Brother A interests in the LLC that that also triggers the 1% tax, again based on the value of the land .

IF so how does one pay the tax?  Is there a special 1% form to be used when LLC membership percentages are being transferred in this situation.

thanks

Joshua F. Grant, PS
Attorney at Law
P. O. Box 619
Wilbur, WA 99185
tel 509 647 5578
fax 509 647 2734
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