[WSBARP] Excise Tax Issue

[nestor at pplsweb.com]

This is tough, client may have a defense if family member was the only one paying the mortgage and they have the checks, agreements etc. to back up that client was not paying the mortgage.

Good luck. 


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

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-----Original Message-----
From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Paul Neumiller
Sent: Wednesday, November 28, 2018 12:00 PM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Excise Tax Issue

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?