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Christopher S. Mulvaney

Washington State’s Estate Tax exemption for 2024 is $2.193 million.

Department of Revenue Estate Tax Tables

The marginal tax rate begins at 10% and increases up to 20% (the highest in the nation).

The first million of the taxable estate (amount above $2.193 million) is taxed at $100,000.

The amounts are cumulative.

So, the second million is taxed at $140,000 for a total tax of $240,000.

The third million is taxed at $150,000 ($390,000 total);

4th million is taxed at $160,000 ($550,000 total);

5th million is taxed at $180,000 ($910,000 total);

6th million is taxed at $190,000 ($1.1 million total);

7th and 8th million is taxed at $195,000 each ($1.49 million total); and

everything above $9 million is taxed at $200,000 per million.

  1. A screen print from Zillow showing the estimated market price on a given date;
  2. A screenprint of the Assessed value from the Assessor’s website if you don’t have the postcard mailed to you; and
  3. The latest mortgage statement and documentation of any other liens.

This information is needed to calculate equity.  Subtract all liens from the estimated market price.  That is the amount of the gift if no money is exchanged, and the recipient is not a spouse.  If money is exchanged, then subtract the amount paid from the equity to get the amount of the gift for the Recorder’s Gift Affidavit. If the gift is greater than the amount allowed for that year then the gift must also be reported on IRS Form 709 when the giver of the gift files their tax return.


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