[WSBARP] Excise Tax Question

[Mike Jacobs]

Excise Tax Gurus,

PC and spouse own home 50/50 they want to transfer home to Washington LLC.  The WA LLC is wholly owned by their Wyoming LLC which is owned 50/50 by PC and spouse.

There is debt on the home, which lender will not call due.

Does the transfer of the home to the WA LLC change the beneficial interest such that excise tax will be owed, or is there no real change in beneficial interest because the WY  LLC is 50/50?

Sincerely,

Michael P. Jacobs
Riach Gese Jacobs, PLLC
7331 196th St. SW | PO Box 1067 | Lynnwood, WA 98036
Phone: (425) 776-3191 | Fax: (425) 425-775-0406

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