![]() What are my responsibilities as a personal representative or executor of an estate? Higher education (which includes monies for financial aid, supporting additional enrollment of students, adult basic education programs in community colleges, work-study programs, etc).Learning assistance program to help kindergarten through 12th-grade students who are not up to standards.The student achievement fund for reducing class sizes, professional development of teachers, extended learning such as before- and after-school programs, and pre-kindergarten learning.The Education Legacy Trust Fund provides funding for: The estate tax funds are deposited into the Education Legacy Trust Fund. For dates of death of January 1, 2014, and after, the exclusion amount may be adjusted annually using the Seattle-Tacoma-Bremerton metropolitan area October consumer price index.įor applicable exclusion amounts, see the Filing thresholds and exclusion amounts table. The applicable exclusion amount is an amount deducted prior to calculating estate tax due. What is the estate tax applicable exclusion amount? Note: If the gross estate is over the filing threshold an estate tax return is required, even if no tax is due. The executor must file a Washington estate tax return if the decedent owned property in Washington state and the gross estate exceeds the filing threshold.įor estate tax filing amounts, see the Filing thresholds and exclusion amounts table. ![]() "Property" includes but is not limited to, real estate, stocks, bonds, interest in business entities, cash, notes, life insurance policies, assets owned jointly with a spouse, assets owned jointly with others, vehicles, recreational vehicles, royalties, pension plans, refunds, assets held in trust, annuities, etc. If the decedent's estate is under the filing threshold, an estate tax return does not need to be filed and no estate taxes would be due. If the above requirements are met, a filing is required even if no tax is due. ![]() They are a non-resident but own real estate or tangible personal property located in Washington on their date of death.When is a Washington estate tax return required?Ī Washington estate tax return filing is required if a decedent's gross value of all of their property, wherever located, is over the filing threshold (fair market value without any deductions) and: A person residing in Washington or a non-resident who owns property in Washington may owe an estate tax depending on the value of their estate. The estate tax is a tax on the right to transfer property at the time of death. If you are a person living in Washington who inherits property or money, you do not owe Washington taxes on your inheritance. 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. Due to this change, Washington no longer has an inheritance tax waiver. The change from an inheritance tax to an estate tax became effective January 1, 1982. Washington does have an estate tax.ĭuring a general election in November 1981, the voters repealed an inheritance tax and enacted an estate tax. Washington does not have an inheritance tax. ![]() What is the estate tax? Does the state of Washington have an inheritance or estate tax? ![]()
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