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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal>You need to watch out about refinancing. Look at the Supplemental REETA when it comes to gifts. If you refinance a gift within a certain amount of time after the gift, it will be considered as sale.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Jeff Davis<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><span style='font-family:"Tahoma",sans-serif'>W. Jeff Davis<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black'>BELL & DAVIS PLLC</span></b><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black'><br>P.O. Box 510<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black'>720 E. Washington Street, Suite 105<br>Sequim WA 98382<br>Phone: (360) 683.1129 <br>Fax: (360) 683.1258 <br>email: </span><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'><a href="mailto:jeff@bellanddavispllc.com"><span style='color:#0563C1'>jeff@bellanddavispllc.com</span></a><span style='color:black'><br></span></span><a href="http://www.bellanddavispllc.com/" target="_blank"><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'>www.bellanddavispllc.com</span></a><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black'><br> <br>The information contained in this e-mail message may be privileged, confidential, and protected from disclosure. If you are not the intended recipient, any dissemination, distribution, or copying is strictly prohibited. If you think that you have received this e-mail message in error, please e-mail the sender at </span><a href="mailto:info@bellanddavispllc.com"><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'>info@bellanddavispllc.com</span></a><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black'> or call 360.683.1129.</span><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'><o:p></o:p></span></p><p class=MsoNormal><b><o:p> </o:p></b></p><p class=MsoNormal><o:p> </o:p></p><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b>From:</b> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com> <b>On Behalf Of </b>Kaitlyn Jackson<br><b>Sent:</b> Monday, April 18, 2022 10:39 AM<br><b>To:</b> WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com><br><b>Subject:</b> Re: [WSBARP] QCD and REET question-another one<o:p></o:p></p></div><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal>I'm not 100% sure but here is what I think makes the most sense: <o:p></o:p></p><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>1. QCD SIL onto the title with clients "for love and affection" and then;<o:p></o:p></p></div><div><p class=MsoNormal>2. SIL refinances the property and removes clients off title while they gift the equity for love and affection (equity is value of property - outstanding mortgage amount). <o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>Some excise tax will be owed on the consideration for the transfer (I believe this would be the value of the outstanding mortgage being refinanced) while the equity is non-taxable as it is a gift. <o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>Would love to hear other thoughts. <o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>Kaitlyn<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><div><div><p class=MsoNormal>On Mon, Feb 7, 2022 at 10:20 AM Athena Dickerson <<a href="mailto:athena@detsparlaw.com">athena@detsparlaw.com</a>> wrote:<o:p></o:p></p></div><blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in'><div><div><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>Hi list serve mates:<o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>Wondering if anyone has any suggestions on how best to structure the following to avoid/minimize REET and other implications<o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>Long story short, my clients saved their sister-in-law’s house from foreclosure about 10 years back. Because of where the bank was in the process, etc they couldn’t just cosign or loan her money, so they bought the property with a PSA, have a modest mortgage on the property, and have let SIL live there for the last 10 years. So, my client and her husband are the only ones on title and the mortgage is in their name only. For the last 10 years, that my clients have owned the property SIL has been paying what she can, sometimes it’s enough to cover the mortgage, sometimes not. Now SIL is back on her feet and my clients want to facilitate getting the property back in her name. The lender wants to quit claim SIL back on (which would put my married clients and SIL on title) and then after that (transaction 1) refi the property (with only SIL, removing my clients from the mortgage) and simultaneously quit claim my client and her husband off (escrow will handle this last part, Transaction 2). In other cases, I have used the clearing title exception to REET but in this case that doesn’t fit the facts. I am trying to avoid excise tax as much as I can or getting audited. The property has appreciated by quite a bit FYI.<o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'>Trying to decide how to structure the first transaction that makes the most sense- the QCD adding SIL on and accompanying REETA. It seems each exemption I want to use, at least in part, doesn’t quite fit right. Thoughts? I know at some point there will likely be some tax implications but wondering how to best structure this, at least the first part.<o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:10.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#C45911'>Athena Makratzakis Dickerson</span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><a href="https://linkprotect.cudasvc.com/url?a=https%3a%2f%2fdetsparlaw.com&c=E,1,3MignbV7JN3fDW35Ex6-X8EUG7nEGjNuKTlfq-Aje1rdb6fDs8Yt68iJDkX__xogulPxvRxqczE1jab42wQRIayCHjlfyP0fLjpZdlZRIPinoeG9OpKmAQ,,&typo=1" target="_blank"><span style='font-size:10.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#C45911;text-decoration:none'>DETHLEFS SPARWASSER</span></a><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><a href="https://linkprotect.cudasvc.com/url?a=https%3a%2f%2fdetsparlaw.com&c=E,1,bLSaO3IzGA_4xpDLui54w20Gh4qqnIdqihOO9lsFaFpEr3IyQlnxxNFTiURyp45gMfqeZoZNVArN8uCnWCEWoTGD7jQGcUGBlkqV6h6b1rlgrg,,&typo=1" target="_blank"><span style='font-size:10.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#C45911;text-decoration:none'>REICH DICKERSON PLLC</span></a><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#1F3864'>100 Second Avenue South, Suite 190 I Edmonds, WA 98020</span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#C45911'>P </span><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#1F3864'>425.776.1352 I </span><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#C45911'>F</span><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#1F3864'> 425.776.2467</span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><a href="mailto:athena@detsparlaw.com" target="_blank"><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#1F3864;text-decoration:none'>athena@detsparlaw.com</span></a><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#1F3864'> </span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#203864'> </span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;text-align:justify'><span style='font-size:8.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#203864'>This message and the documents attached to it, if any, contains confidential information from DETHLEFS SPARWASSER REICH DICKERSON PLLC, is intended only for the use of the addressee and may contain information that is privileged and confidential under applicable law, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, destroy any hard copies you may have created and notify our office immediately.</span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:10.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#C45911'>Athena Makratzakis Dickerson</span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><a href="https://linkprotect.cudasvc.com/url?a=https%3a%2f%2fdetsparlaw.com&c=E,1,3MignbV7JN3fDW35Ex6-X8EUG7nEGjNuKTlfq-Aje1rdb6fDs8Yt68iJDkX__xogulPxvRxqczE1jab42wQRIayCHjlfyP0fLjpZdlZRIPinoeG9OpKmAQ,,&typo=1" target="_blank"><span style='font-size:10.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#C45911;text-decoration:none'>DETHLEFS SPARWASSER</span></a><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><a href="https://linkprotect.cudasvc.com/url?a=https%3a%2f%2fdetsparlaw.com&c=E,1,bLSaO3IzGA_4xpDLui54w20Gh4qqnIdqihOO9lsFaFpEr3IyQlnxxNFTiURyp45gMfqeZoZNVArN8uCnWCEWoTGD7jQGcUGBlkqV6h6b1rlgrg,,&typo=1" target="_blank"><span style='font-size:10.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#C45911;text-decoration:none'>REICH DICKERSON PLLC</span></a><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#1F3864'>100 Second Avenue South, Suite 190 I Edmonds, WA 98020</span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#C45911'>P </span><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#1F3864'>425.776.1352 I </span><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#C45911'>F</span><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#1F3864'> 425.776.2467</span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><a href="mailto:athena@detsparlaw.com" target="_blank"><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#1F3864;text-decoration:none'>athena@detsparlaw.com</span></a><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#1F3864'> </span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:9.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#203864'> </span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;text-align:justify'><span style='font-size:8.0pt;font-family:"Franklin Gothic Book",sans-serif;color:#203864'>This message and the documents attached to it, if any, contains confidential information from DETHLEFS SPARWASSER REICH DICKERSON PLLC, is intended only for the use of the addressee and may contain information that is privileged and confidential under applicable law, and/or may contain attorney work product. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please delete all electronic copies of this message and its attachments, destroy any hard copies you may have created and notify our office immediately.</span><o:p></o:p></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'> <o:p></o:p></p></div></div><p class=MsoNormal>***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***<br><br>_______________________________________________<br>WSBARP mailing list<br><a href="mailto:WSBARP@lists.wsbarppt.com" target="_blank">WSBARP@lists.wsbarppt.com</a><br><a href="http://mailman.fsr.com/mailman/listinfo/wsbarp" target="_blank">http://mailman.fsr.com/mailman/listinfo/wsbarp</a><o:p></o:p></p></blockquote></div><p class=MsoNormal><br clear=all><o:p></o:p></p><div><p class=MsoNormal><o:p> </o:p></p></div><p class=MsoNormal>-- <o:p></o:p></p><div><div><div><div><p class=MsoNormal style='mso-margin-top-alt:auto;background:white'><span style='font-size:12.0pt;font-family:"Garamond",serif;color:#44546A'>Thank you,</span><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;margin-bottom:12.0pt;background:white;background-image:initial;background-position:initial;background-repeat:initial'><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#222222'> <o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;background:white;background-image:initial;background-position:initial;background-repeat:initial'><span style='font-size:13.5pt;font-family:"Garamond",serif;color:#44546A'>Kaitlyn R. Jackson, Senior Associate Attorney</span><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;background:white;background-image:initial;background-position:initial;background-repeat:initial'><span style='font-size:13.5pt;font-family:"Garamond",serif;color:#44546A'>Dimension Law Group, PLLC</span><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;background:white;background-image:initial;background-position:initial;background-repeat:initial'><b><span style='font-size:12.0pt;font-family:"Garamond",serif;color:#44546A'>Office:</span></b><span style='font-size:12.0pt;font-family:"Garamond",serif;color:#44546A'> 206-973-3500│<b>Fax:</b> 206-577-5090</span><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;background:white;background-image:initial;background-position:initial;background-repeat:initial'><b><span style='font-size:12.0pt;font-family:"Garamond",serif;color:#44546A'>Email: </span></b><u><span style='font-size:12.0pt;font-family:"Garamond",serif;color:#44546A'>kaitlyn@<a href="http://dimensionlaw.com/" target="_blank"><span style='color:#1155CC'>dimensionlaw.com</span></a></span></u><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;background:white;background-image:initial;background-position:initial;background-repeat:initial'><b><span style='font-size:12.0pt;font-family:"Garamond",serif;color:#44546A'><a href="http://www.dimensionlaw.com/" target="_blank">www.dimensionlaw.com</a></span></b><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;background:white;background-image:initial;background-position:initial;background-repeat:initial'><span style='font-size:12.0pt;font-family:"Garamond",serif;color:#44546A'>130 Andover Park East, Suite 300, Tukwila, WA 98188</span><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;background:white;background-image:initial;background-position:initial;background-repeat:initial'><b><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:#888888'> </span></b><span style='font-size:12.0pt;font-family:"Arial",sans-serif;color:#222222'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;background:white;background-image:initial;background-position:initial;background-repeat:initial'><span style='font-size:10.0pt;font-family:"Garamond",serif;color:#44546A'>PRIVILEGED AND CONFIDENTIAL: This email (including any attachments) is intended only for the use of the individual or entity named above and may contain privileged or confidential information. 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