By Julie Garber. Wills & Estate Planning Expert
If you live in Washington, then you live in one of a handful of states that still collect a state estate tax. The estates of Washington residents, as well as the estates of nonresidents who own real estate and/or tangible personal property located in Washington, are subject to a state estate tax under the following guidelines for deaths that occur in 2014.
NOTE: State laws change frequently and the following information may not reflect recent changes. For current tax or legal advice, please consult with an accountant or an attorney since the information contained in this article is not tax or legal advice and is not a substitute for tax or legal advice.
• When is an estate subject to the Washington estate tax in 2014?
For deaths that occurred on or after January 1, 2014 and on or before December 31, 2014, an estate may be subject to the Washington estate tax
if the decedent owned property located in Washington State and the gross estate. or taxable estate plus any taxable gifts. exceeds $2,012,000.
In general, if an estate is required to file a federal estate return return, (IRS Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return ), then it will be required to file a Washington State Estate Tax Return. However, if the estate is over the applicable Washington State filing threshold as stated above but is not required to file IRS Form 706, then the estate will still be required to file a Washington State Estate Tax Return.
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• What Washington estate tax forms must be filed?
When the estate is not filing a federal estate tax return (IRS Form 706), the estate must file a Washington State Estate and Transfer Tax Return For deaths occurring January 1, 2009 and after when not filing Federal Form 706.
• Are transfers to a surviving spouse taxable?