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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Seller's equity is what's usualy taxed Posted by Ward-CA- on July 28, 2003 at 8:45 PM In Reply to: 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. =-=-=-=-=-=-=-=- Greg, I'm not at all familiar with WA property. But If I had to make a guess I would guess the excise tax is on the $5,000 seller's equity rather than the sales price. Follow Ups: 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. : =-=-=-=-=-=-=-=- : Greg, : I'm not at all familiar with WA property. But If I had to make a guess I would guess the excise tax is on the $5,000 seller's equity rather than the sales 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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