State Estate Tax In Washington
Description
How to fill out Sample Letter To State Tax Commission Concerning Decedent's Estate?
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FAQ
The threshold for the estate tax in Washington is $2.193 million as of 2021. So if a person's estate is equal to less than $2.193 million, then it won't be taxed by Washington state upon the person's death.
The estate tax is calculated on the entire estate as if all property is in Washington, then a calculation is done to apportion the tax between the Washington property and the out of state property. The decedent's state of domicile at the time of death is what determines if property is in state or out of state property.
In general terms, an inheritance tax is a tax on the beneficiaries of an estate whereas an estate tax is a tax on the decedent's estate. If you are a person living in Washington who inherits property or money, you do not owe Washington taxes on your inheritance.
The 2023 Washington State estate tax exemption is currently $2,193,000 per person, the same rate as 2022.
A Washington State Estate Tax Return must be filed and estate tax may be due if the gross estate is greater than $2,193,000. Thus, it is important for those individuals or married couples whose estate is near or over $2.0 million to review their estate plan.