[WSBARP] Excise Tax on QCD

[Eric Nelsen]

Not enough information to tell for sure. If refinance ends up paying client, or reducing client's liability for an existing debt, or changing who is paying on the existing debt, then consideration passes and REET is due. See WAC 458-61A-201(6)(d)<http://apps.leg.wa.gov/wac/default.aspx?cite=458-61A-201> examples.

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1417 31st Ave South
Seattle WA  98144-3909
phone 206-625-0092
fax 206-625-9040

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of nestor at pplsweb.com
Sent: Wednesday, May 09, 2018 10:33 AM
To: 'WSBA Real Property Listserv'
Subject: [WSBARP] Excise Tax on QCD

Client has unencumbered property and wants to add brother as a gift and then and then refinance with brother as the main borrower.  The way I see it Excise Tax not due on the transfer. Let me know if I am wrong.

I would of course have the transfer done in advance of the refinance.


Nestor Gorfinkel, Attorney at Law
Licensed in Washington & Florida
Florida Civil-Law (International) Notary

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