Renton Real Estate Information Resource This blog will provide you with valuable information, tips, and general insight into the real estate market in Renton, Newcastle & South Bellevue Washington.
Washington REALTORS is pleased to announce that our meeting with the Department
of Revenue (DOR) has resulted in a reversal of its interpretation regarding Real
Estate Excise Tax (REET) and short sales. Yesterday afternoon, the Department of
Revenue contacted Washington REALTORS® to inform us that DOR will issue a letter
to clarify that in short sales, the Real Estate Excise Tax does not apply to
debt forgiven by the seller's lender.
This decision follows a meeting that REALTORS requested of the agency in order
to allow stakeholders to provide input on the interpretation of the REET statute
and other policy considerations. DOR immediately responded to the request for
stakeholder input and expedited its review of this issue due to its importance
to home sellers and the housing market
David J Edwards is a full time real estate agent and REALTOR with Keller
Williams Realty specializing in Residential Real Estate for buyers and sellers.
RSS Blog Feed