[WSBARP] Excise Tax on QCD

[John McCrady]

See WAC 458-61A 201(4) (a)
There is a rebuttable presumption that the transfer is a sale and not a gift if the grantee is involved in a refinance of debt on the property within six months of the time of the transfer.

I don't know whether there has been an decision construing "refinance".

John McCrady
Counsel
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 nestor at pplsweb.com
Sent: Wednesday, May 09, 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

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