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<p class="MsoNormal">Rulemaking process has started to amend WAC 458-61A-201, to try to clarify how the gift exemption from real estate excise tax works when there is underlying debt secured by the property. I haven’t read through it thoroughly yet but it does
include a rebuttable presumption that the tax should be paid on the whole debt if there is a due-on-sale clause in the lien instrument.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I always find gifts with underlying debt a bit tricky to figure out, so I hope we can help DOR get this right.
<a href="https://dor.wa.gov/laws-rules/rule-making-agenda">Here’s the rulemaking agenda</a> that sets a hearing for
<b><u>October 25 at 10:00 a.m.</u></b> Must pre-register in order to join the meeting.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The proposed amendment to the WAC is <a href="https://dor.wa.gov/sites/default/files/2023-10/61A-201cr1frmdraftSept23.pdf?uid=651f4a6abd37f">
here</a>. The person to contact at DOR is Darius Massoudi; his contact info is on the cover page to the proposed amendment.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="mso-ligatures:none">Sincerely,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="mso-ligatures:none"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="mso-ligatures:none">Eric<o:p></o:p></span></p>
<p class="MsoNormal"><span style="mso-ligatures:none"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="mso-ligatures:none">Eric C. Nelsen<o:p></o:p></span></p>
<p class="MsoNormal"><span style="mso-ligatures:none">Sayre Law Offices, PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="mso-ligatures:none">1417 31st Ave South<o:p></o:p></span></p>
<p class="MsoNormal"><span style="mso-ligatures:none">Seattle WA 98144-3909<o:p></o:p></span></p>
<p class="MsoNormal"><span style="mso-ligatures:none">206-625-0092<o:p></o:p></span></p>
<p class="MsoNormal"><span style="mso-ligatures:none"><a href="mailto:eric@sayrelawoffices.com">eric@sayrelawoffices.com</a><o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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