[WSBARP] Excise Tax Issue
Paul Neumiller
pneumiller at hotmail.com
Wed Nov 28 11:59:58 PST 2018
Listmates, client co-owns residence with family member. Both on mortgage and deed of trust. In a buyout deal (with nothing in writing), client gives family member a quitclaim deed and receives $20k (representing 1/2 of the equity in the residence.) Client paid excise tax on the received $20K. BUT BUT BUT, family member refinanced the residence and now the County is arguing that client now owes the County about $6k more in excise taxes due to the "forgiveness of debt on the transaction." Any thoughts on where I can start or is client hosed?
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