[WSBARP] [WSBAPT] Excise tax and gift supplemental

[Craig Blackmon]

Bribery, huh? Hadn't thought of that one yet... :-)

Otherwise this is good advice Rob -- except it won't help here. This seems
to be an iron-clad rule of the DOR, without flexibility. If the sale price
is less than the assessed value, either a gift is required or additional
tax will be due on a subsequent audit. DOR has literally turned the
presumption of an "arms length transaction" sale price onto its head.

So one more tip: Don't forget the gift tax implications!!

Good grief.

Craig
Craig Blackmon, Attorney at Law
<https://www.mywsba.org/PersonifyEbusiness/LegalDirectory/LegalProfile.aspx?Usr_ID=000000029240>
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Office/Cell: (206) 369-5949
On the blog: The Form 17, Explained
<https://seattlepropertylawyer.com/blog/seller-disclosure-statement-form-17-explained>
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On Fri, Apr 24, 2020 at 10:18 AM Rob Wilson-Hoss <rob at hctc.com> wrote:

> The lesson is, make friends with someone in the Treasurer’s office. Then
> when you have any potential issues at all, anything at all, look closely at
> the WACs and if you are not completely certain, call your friend and ask.
> No matter how many decades you have been looking at those WACS.
>
>
>
> Our Treasurer’s staff likes to be asked, it is a sign of respect, and they
> prefer that to having to say no and then facing an annoyed, or angry,
> response.
>
>
>
> How to make friends with Treasurer’s staff? Any socially accepted ways.
> Shameless flattery, bribery, the usual.
>
>
>
> Rob
>
>
>
> Robert D. Wilson-Hoss
>
> Hoss & Wilson-Hoss, LLP
>
> 236 West Birch Street
>
> Shelton, WA 98584
>
> 360 426-2999
>
> www.hossandwilson-hoss.com
>
> rob at hctc.com
>
>
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com <
> wsbapt-bounces at lists.wsbarppt.com> *On Behalf Of *Mike Winslow
> *Sent:* Friday, April 24, 2020 9:43 AM
> *To:* 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
> *Subject:* Re: [WSBAPT] Excise tax and gift supplemental
>
>
>
> Yep. I ran into this with Skagit County Treasurer. This is all about
> preventing collusion to defraud the DOR and Counties of their excise tax
> revenue.
>
>
>
> My issue was with a QCD to clear title. We recited consideration of
> $10.00. Treasurer said this is a sale for less than assessed value, even
> though the deed clearly recited it was to clear title.
>
>
>
> The options were to prepare the Gift Supplement or a narrative about the
> reason for clearing title. I did the narrative with the reasons for
> clearing title. It was a stretch to have that approach approved, be the
> gift affidavit would have required going back to the Grantor. I signed the
> narrative as agent for the Grantee.
>
>
>
> I expect that if you provide a broker’s opinion showing the reduced value
> that could work, but that is probably more trouble than the gift affidavit.
>
>
>
> Michael A. Winslow
>
> 1204 Cleveland Ave.
>
> Mount Vernon, WA 98273
>
> Ph. 360-336-3321
>
> Em. Mike at winslegal.com
>
>
>
> This message is from an attorney, so it’s confidential. If you are not the
> intended recipient, it’s too late to stop reading this message, but you may
> not use it for any improper purpose. Huge Disclaimer available upon request.
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com [
> mailto:wsbapt-bounces at lists.wsbarppt.com
> <wsbapt-bounces at lists.wsbarppt.com>] *On Behalf Of *Marcus Fry
> *Sent:* Friday, April 24, 2020 8:57 AM
> *To:* WSBA Probate & Trust Listserv (wsbapt at lists.wsbarppt.com)
> *Subject:* [WSBAPT] Excise tax and gift supplemental
>
>
>
> Arms-length negotiation of sale of real property.  Purchase price is less
> than excise tax.  County is requiring a gift supplement because purchase is
> below County tax assessed value.
>
>
>
> This seems crazy.  Anyone experience this?
>
>
>
> Marcus J. Fry
>
> Lyon, Weigand & Gustafson, P.S.
>
>
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