[WSBARP] Excise tax question with part inheritance partconsideration

[Josh Grant]

You can do a PR deed to all the beneficiaries.
Then you can do a sale of the 2/3rds interest at whatever price the donor’s wish to sell their interest. and the REET would be on that sale.

Joshua F. Grant

P. O. Box 619
Wilbur, WA 99185
509 647 5578

From: Kristina Driessen 
Sent: Friday, November 20, 2020 7:20 AM
To: WSBA Real Property Listserv 
Subject: [WSBARP] Excise tax question with part inheritance partconsideration

Good Morning:

 

Maybe I way over thinking this but I am spinning my wheels on this issue.

 

Facts: An estate has been opened with the courts, [intestate]. The only real asset is a home [plus a very small bank account]  There are 3 heirs. One of the heirs wishes to purchase the home as she has been residing in the home caring for the decedent. All agree to give the heir that cared for the decedent a larger percentage of the home. There are not enough assets to do a like kind sort of transfer.  Heir is obtaining a loan to buy the home. The sale price to the one heir is 210,000.00

 

 

Just throwing out numbers…. If the home is valued at $400,000.00 each heir technically has an interest valued at $133,333.33.  

Would the excise tax be on the 210K OR difference in the sale price and her actual inheritance =$76,666.67 OR the difference in the value and her actual inheritance $267,666.67.

 

Thanks in advance!

 

 

 

Kristina A. Driessen

“A” Street Legal Services, Inc. P.S

Attorneys at Law

16 A Street SE

Auburn, WA. 98002

(253) 939-0811

(253) 939-0471 fax

astreetlegalservices.com

kristina at rdattys.comcastbiz.net

 

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