[WSBARP] WSBARP Digest, Vol 79, Issue 14

Mon Apr 12 14:29:23 PDT 2021

I have a question about HOA lien foreclosures. I have been hunting and pecking through the governor's proclamations. It is an unnecessarily tedious process.While 20-51.6  prevents collection of late fees, I see no prohibition against filing liens and foreclosing. Am I missing something. Also, another interesting point,the prohibition against late fees only extends to RCW 64.34.304 and 64.38.020. However, prior to those acts, there were many HOA documents that provided for late fees. The proclamation does not purport to prohibit collection of those. I assume under the contract clause.       Any thoughts on either?
Steve

Stephen WhitehouseWhitehouse & Nichols, LLPP.O. Box 1273601 W. Railroad Ave.Shelton, Wa. 98584360-426-5885
swhite8893 at aol.com

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Today's Topics:

  1. Re: who pays the tax on gain? (Douglas Scott)

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Message: 1
Date: Sun, 11 Apr 2021 21:16:16 -0700
From: Douglas Scott <doug at rainieradvocates.com>
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] who pays the tax on gain?
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    <CANnLPWBrdDB5rROUEc9zOVThYfKSDCaWOSUhBZpAf1jwiAquYg at mail.gmail.com>
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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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