[WSBARP] Excise Tax on QCD

[Jeff Davis]

Take a look at the attached Real Estate Excise Tax Supplemental Statement.
This must be presented to the county treasurer when you record the deed.
This asks whether you intend to refinance.  The State may treat the
refinance, with your brother as the borrower, as a purchase by him of the
property or what ever interest he gets, thereby triggering a excise tax.

 

Jeff Davis

 

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
On Behalf Of nestor at pplsweb.com
Sent: Wednesday, May 9, 2018 10:33 AM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
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

 

P Please consider the environment before printing this e-mail.

 

 

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