[WSBARP] Excise Tax

[Mark Anderson]

How much is the one person agreeing to be paid by the other person for their interest in the property?  One half the balance of the mortgage?  If that is the only consideration and if there is any equity in the property then, yes, the parties should execute and provide a Supplemental Statement reflecting the gift.

Mark B. Anderson
ANDERSON LAW FIRM PLLC
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Tacoma, Washington 98402
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Nestor Gorfinkel
Sent: 04/18/2023 1:46 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Excise Tax

Unmarried couple, bad breakup and one is taking out the other from title.
There will be a refinance and excise tax will be paid on ½ of the balance of mortgage. On REETA I just assumed we indicate partial sale and no other consideration. I was told that there has to be a gift exemption supplement for any difference in ½ the appraised value. Is that the case?


Cordially,

Nestor Gorfinkel, Attorney at Law
Licensed in Florida & Washington State
Florida Civil-Law (International) Notary

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