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?
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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