Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Washington
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-30-2010, 09:52 AM
 
28,113 posts, read 63,642,682 times
Reputation: 23263

Advertisements

Quote:
Originally Posted by StealthRabbit View Post
It is an EXCISE tax, and thus an offset to your 'Basis'. (which of course is $ for $ and much better than a deduction ($*marginal tax rate)) BUT... unless you exceed the $250k / $500k exclusion, OR it is investment property, the offset to 'basis' may be irrelevant.
Short and to the point and much better than I could have said
Reply With Quote Quick reply to this message

 
Old 02-23-2012, 02:07 PM
 
1 posts, read 995 times
Reputation: 10
After conversations with an accountant, a tax attorney and the IRS. It has been made clear to me that the Washington State Real Estate Excise Tax (REET) is not a deductible sales or property tax. For IRS purposes, it is considered a Transfer tax, and can be used to adjust your cost basis only.
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Washington

All times are GMT -6. The time now is 09:37 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top