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A controlling interest transfer occurs when there is a 50% or more change of ownership in an entity. If that entity owns real property in Washington state, a controlling interest transfer return must be filed within five days of the completed transfer.
- REET Forms
Real Estate Excise Tax Supplemental Statement Fill-in;...
- WAC 458-61A
Real estate excise tax — Overview. Graduated real estate...
- REET Forms
18 Σεπ 2019 · The Washington legislature recently enacted legislation that dramatically changes aspects of the state’s Real Estate Excise Tax (REET). Unless real property is classified as timberland or agricultural land, the REET rate structure will be changing on January 1, 2020.
When the new owner(s) receive controlling interest in the entity, that means they are now responsible for the debt on the property. This relief of debt for the seller is consideration. In a controlling interest transfer, if any consideration is received, the transfer can’t be a gift.
Real Estate Excise Tax Exemption Encourages Affordable Housing. Transfers of real property to certain qualifying entities will no longer be subject to real estate excise tax in Washington State, effective on January 1, 2023.
Chapter 458-61A Real estate excise tax. Real estate excise tax—Overview. Taxability of the transfer or acquisition of the controlling interest of an entity with an interest in real property located in this state. Definitions.
23 Ιουν 2022 · Real estate excise tax — Overview. Graduated real estate excise tax rates — Exceptions to graduated rates — Tax avoidance arrangements. Taxability of the transfer or acquisition of the controlling interest of an entity with an interest in real property located in this state. Definitions.
Effective January 1, 2020, chapter 424, Laws of 2019 established new requirements, extending the time period in which a controlling interest transfer occurs for real estate excise tax purposes from twelve months to thirty-six months.
