Is there anyway to avoid excise tax on an home with a quitclaim deed if no money is being transferred?

Asked about 1 year ago - Seattle, WA

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My ex-girlfriend and I co-own a house in Seattle and I would like to take full ownership of the home and refinance the mortgage under my name.

Assuming we owe $400,000 on the home and say the county values the home at $410,000 what excise tax would I need to pay? Is there anyway to avoid this tax since I am not paying her any money for the property since if it was sold we would get back less than the $400,000 owed?

Attorney answers (2)

  1. Licensed in WA

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    Tacoma Bankruptcy Attorney
    Contributor Level 7

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    Lawyers agree

    Answered May 09, 2012 13:12. You can verify this by contacting the county tax assessor's office.

  2. Licensed in WA

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    Edmonds Bankruptcy Attorney
    Contributor Level 7

    1

    Lawyer agrees

    Answered May 12, 2012 10:44. If you do a refinance and she quit claims her interest in that process there should be no excise tax issues. Please talk to a good refinance person to confirm.

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