WAC 458-61A is available online at dor.wa.gov. Washington Paralegal Services provides quality document preparation and other paralegal services at affordable prices: Divorce, … Each deed submitted to be recorded in Washington must be accompanied by a completed real estate excise tax affidavit (see Resources). The Auditor will determine if any excise tax is due. small fee for recording a deed. Proceeds from the excise tax are deposited into public works and city-county assistance accounts by the state treasurer, according to the Revised Code of Washington (RCW). List any sale price. The owner of Malicious Women Co. saw an Etsy page from Florida selling strikingly similar products. I would like quotes on all fees, please. Quit Claim (Corporate) PDF. Real estate excise tax—Overview. The most advanced post talks about how not want to grow, like maybe at my age should ride considering settling down and because I feel like it. Definitions A sale that is subject to real estate excise tax in Washington is one that includes any conveyance, grant, quitclaim, assignment or transfer of real property for a valuable consideration. Conversely, a warranty deed does offer a guarantee of a clear title and holds the grantor accountable to remedy any issues that may arise after the transfer. Nolo's Washington Quitclaim Deed includes up-to-date instructions for preparing a quitclaim deed, getting it notarized, and recording (filing) it with the county recorder. Under the terms of the U.S. tax code, gift taxes are paid by the giver, so the brother would have to fill out a gift tax form 709 , and he can apply the value of half the house to the lifetime maximum of $5.5 million he can give away under current estate tax rules. If there is mortgage debt on the property at the time of the title transfer and the person receiving the property assumes the debt, then excise tax may have to be paid on the balance of the mortgage because you are being relieved of the debt. Refer to the appropriate WAC to determine documentation requirements. If tax is not paid within one month of the date of sale/transfer, interest and penalties will apply. The deed must be filed with the auditor or recording officer in the same county that the property stands. Step 2 – Fill in any required information on the first page (Cover Sheet). The Graduated REET Calculator and forms are available online here. (2) Affidavit required. Assessor's Website × Mortgage Community Forums | Deeds, Property Transfer and Estate Planning | excise tax on a quit claim deed in washington state. two years ago my mother purchased a house that my husband and i have been renting from her. Most tax exemptions require specific documentation. 12.2006: Quit Claim Deed Word PDF: LPB 13-05 (i) Deed & Seller's Assignment of Contract Word PDF: LPB 13-05 (r) Deed & Seller's Assignment of Contract Word PDF: LPB 14-05 (i) Deed & Purchaser's Assignment of Contract Word PDF: LPB 14-05 (r) Deed & Purchaser's Assignment of Contract Word PDF: LPB 15-05 (i) rev. The remaining $100,000 is taxed at 1.28%. Refer to the appropriate WAC to determine documentation requirements. See next section. Excise tax rates vary from municipality to municipality, ranging from approximately 1.6 percent to 1.8 percent. The tax also applies to sales or transfers of controlling interests in entities (e.g., corporations, partnerships, limited liability companies, etc.) In Washington State ( Kitsap County) are there any transfer or excise taxes due when a quit claim is filed? In other words, you’d be able to protect fewer assets from the inheritance tax upon your death if you gave away too many assets today. 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