Inaugural Inspiration!

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Inspiration!

That is what I am feeling today as I bear witness to the inauguration of OUR 44th President of the United States of America. What I am most impressed by is his call to action from ALL of us.

President Obama is not a messiah, nor do I believe that he is trying to be. No one can make massive changes alone. However, one person can start a movement of change. It takes just one light of a candle to light another and then another and before you know it, the darkness will be lifted. President Obama is just one candle. It is up to us to work together to heal our nation and choose to take and pass that light on to others. Regardless of your political allegiance, it is up to us [working together] to make this a better nation. So go forth and make a change and pass the light.

Jan

16

UPDATE: Is the Department of Revenue Looking to Stick it to Sellers?

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Great news!

The Washington Association of Realtors was successful in meeting with the Washington State Department of Revenue. The meeting was to encourage the DOR to reconsider its position on Real Estate Excise Tax on short sales. As promised I am keeping you posted on the outcome of that meeting.

The Washington Association of Realtors notified its members of the professional organization today, that their efforts were successful and that the DOR no longer is looking to collect Real Estate Excise Tax on the debt that is forgiven by a lender in a short sale.

This is great news for sellers who are already in a difficult situation.

Jan

9

Is the Department of Revenue Looking to Stick it to Sellers?

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I just read an interesting email from the Washington Association of Realtors, a professional organization of which I am a member. The update was sent out to inform Realtors, that the Washington State Department of Revenue has a very interesting take on excise tax.

For those of you who don’t know what excise tax is, it is the tax that a seller pays when selling real property in Washington. The amount paid is a percentage of the sales price; or so we thought. The Department of Revenue believes that in the case of a short sale, excise tax should also be paid on any debt that is forgiven.

The Washington Association of Realtors believes that this position is incorrect and is currently encouraging the Department of Revenue to reconsider its interpretation. The Department of Revenue has indicated that it will take this issue under advisement. Until then, be sure to speak with your tax advisor regarding any questions/concerns you have about this if you find that you are in a short sale situation.

I will keep you posted with further updates as they are communicated to the Realtor community.