Lease/Purchase Sales Tax????? - Posted by Henry

Real Estate Investing
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Posted by Russ Sims on March 20, 2000 at 23:17:13:

Hi Henry:
Where I live, in the great State of Washington, there is a 1.7% EXCISE tax due upon closing…just another way our government has of extorting our life energy… The seller must pay it.If you are reselling in a simultaneous close, you must pay it as well.So when a seller asks who pays this tax, I say WE BOTH DO. This makes it seem as if the burden is shared…

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Lease/Purchase Sales Tax??? - Posted by Henry

Posted by Henry on March 20, 2000 at 22:03:25:

I’m working with a seller to L/P his property, and his question to me is…who pays the 1.5% sales tax when I cash him out at end of L/P term? Is that part of the closing costs? I’ve not heard of sales tax this way.
Can anyone help me on this one?
Thanks,
Henry.