[WSBARP] who pays the tax on gain?

[Douglas Scott]

Thanks very much to all who contributed.
*DOUGLAS W. SCOTT*
Rainier Legal Advocates|LLC

465 Rainier Blvd. N., Suite C
Issaquah, Washington 98027
425.392.8550 (tel)
425.392.2829 (fax)



www.rainieradvocates.com


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On Sat, Apr 10, 2021 at 7:38 PM Kary Krismer <Krismer at comcast.net> wrote:

> Thanks.  BTW, I had this issue come up last month but I represented the
> buyers so I didn't dig into it.  My only concern was getting the parents to
> sign the FIRPTA because the kids had thought they already had done a QCD
> beforehand and the parents were not listed as sellers (and the listing
> agent apparently didn't check before listing).
>
> I really with the NWMLS would make an preliminary commitment attached to
> the listing mandatory.
>
> Kary L. Krismer
> 206 723-2148
>
> On 4/10/2021 7:29 PM, John J. Sullivan wrote:
>
> The 1099 is mechanical. In this case a week might suffice. Just an old tax
> attorney habit to create some breathing room between steps to avoid the
> IRS’s “step transaction” analysis.
>
> I say a week because if mom really has no equity interest the risk would
> seem pretty remote.
>
> John Sullivan.
>
> Sent from my iPhone
>
> On Apr 10, 2021, at 7:19 PM, Kary Krismer <Krismer at comcast.net>
> <Krismer at comcast.net> wrote:
>
> 
> On 4/10/2021 6:46 PM, John J. Sullivan, Esq. wrote:
>
> Once that’s “old and cold,” the sale by the daughter can close, be
> reported solely under her SS# on the 1099 and assuming she has fulfilled
> the ownership and residence rules should be able to apply the full $250K
> exemption to 100% of the sale. This also eliminates the complications of
> characterizing it as a gift.
>
>
>
> John J. Sullivan
>
> Can you elaborate on aging the deed and how that matters for 1099s?  I was
> unaware of any connection beyond being outside the escrow for sale.
>
> Kary L. Krismer
> 206 723-2148
>
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