[WSBARP] Excise Tax

[Mark Anderson]

FWIW, I agree with what Spencer said.

Mark B. Anderson
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Stromberg, Spencer
Sent: 04/20/2023 9:44 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Excise Tax

If the gift exemption is being used, the supplemental statement is required. If there is a significant difference between 1/2 the mortgage balance and 1/2 the overall value of the property, I would recommend using the gift exemption for the difference, just to reduce the risk of a DOR audit of the REETA. Also, the amount of "consideration" may depend on who has been making the payments - there are several options on the supplemental statement (e.g., if the grantee has been making 100% of the payments and will continue to do so, then there is no consideration in the eyes of DOR).

Another consideration is that if the gift exemption is used, the grantor may need to file a federal gift tax return.

Spencer A. W. Stromberg
Attorney at Law

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On Wed, Apr 19, 2023 at 7:46 PM Meyler Legal, PLLC <samuel at meylerlegal.com<mailto:samuel at meylerlegal.com>> wrote:
Mark,

Piggybacking off of this, what if 50% of the balance of the mortgage plus cash that is being paid as consideration, is still less than 50% of the tax assessed value. Do you know if a supplement statement still needs to be provided?


Samuel M. Meyler
Meyler Legal, PLLC
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On Apr 19, 2023, at 6:00 PM, Mark Anderson <marka at mbaesq.com<mailto:marka at mbaesq.com>> wrote:

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
821 Dock St  Ste 209  PMB 4-12
Tacoma, Washington 98402
+1 253-327-1750
+1 253-327-1751 (fax)
marka at mbaesq.com<mailto:marka at mbaesq.com>
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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 Nestor Gorfinkel
Sent: 04/18/2023 1:46 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto: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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