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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] quit claim deed and state excise tax Posted by Greg B on July 26, 2003 at 9:27 PM I have a motivated seller that I ran a title report on, house market comps at $265-270k leins are $238k. Owner will quit claim to me for $5000. There is a 1.78% excise tax on the sale of property in Washington. The seller is broke and wont be able to pay it so I will have to in order to make the deal fly. In your experience do you know if the excise tax would be on the $5000 the amount of the quit claim transfer or if the state would try and tax me on some other figure such as the market value, etc. 1.78% of $5000 would be very reasonable considering the state will get a fat excise tax when I turn around and sell the property at full price. Follow Ups: Seller's equity is what's usually taxed Ward-CA- 8:55 PM, 07/28/03 (0) Seller's equity is what's usualy taxed Ward-CA- 8:45 PM, 07/28/03 (1) Re: Seller's equity is what's usually taxed Ward-CA- 8:53 PM, 07/28/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I have a motivated seller that I ran a title report on, house market comps at $265-270k leins are $238k. Owner will quit claim to me for $5000. There is a 1.78% excise tax on the sale of property in Washington. The seller is broke and wont be able to pay it so I will have to in order to make the deal fly. In your experience do you know if the excise tax would be on the $5000 the amount of the quit claim transfer or if the state would try and tax me on some other figure such as the market value, etc. 1.78% of $5000 would be very reasonable considering the state will get a fat excise tax when I turn around and sell the property at full price. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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