Department of Revenue Issues Letter Reversing Decision On REET

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

Download the letter from DOR here: http://www.warealtor.org/press/Short-Sales-Letter-to-Stakeholders-1-13-09.pdf

David J Edwards
REALTOR
Keller Williams Realty Southeast Sound
Phone: 425-890-8045Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
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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.