[WSBARP] FW: deferred taxes not called out?

[Roger Hawkes]

Nada

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Mark Anderson
Sent: Thursday, November 3, 2022 5:27 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] FW: deferred taxes not called out?

What did the title report say about taxes?

Mark B. Anderson
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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Roger Hawkes
Sent: 11/03/2022 3:31 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] FW: deferred taxes not called out?

Thanks, Julie.  The ‘unpaid taxes’ in this scenario are the real estate taxes that were deferred by decedent and not paid when decedent’s house was sold.

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Julie Martiniello
Sent: Thursday, November 3, 2022 3:15 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Cc: KCBA Real Property, Probate and Trust Law Discussion List <realpropertyprobatetrustlaw at lists.kcba.org<mailto:realpropertyprobatetrustlaw at lists.kcba.org>>
Subject: Re: [WSBARP] FW: deferred taxes not called out?

Hi Roger,

There would be a step up in basis when the decedent died, so the gain would be eliminated and there should not be an issue for the PR or estate. Gain should only apply to any value gained after the decedent passed until the property was sold, if any. Unless I am missing something specific on this transaction.

On Thu, Nov 3, 2022 at 3:08 PM Roger Hawkes <Roger at law-hawks.com<mailto:Roger at law-hawks.com>> wrote:
Soon a dispute will arise regarding a title insured transaction.  Probate PR did not know that decedent had deferred real estate taxes on the home that PR sold.  Title company did not call them out and escrow closed with no hiccups at all.  When title company sues discharged pr for the unpaid taxes, what defenses matter?

Roger Hawkes, WSBA # 5173
Sky Valley Lawyers, PLLC
Physical Address: 423 Main Street
Mailing Address:   Box 351
Both in Sultan, WA 98294
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Email: roger at skyvalleylawyers.com<mailto:roger at skyvalleylawyers.com>

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