What is the tax rate for inherited property?

Inherited property in Washington is subject to the estate tax, not income tax. If a resident of Washington inherits property, the estate tax rate depends on the value of the property. If the value of the property is less than $2,193,000, then the estate tax rate is 10% or less. If the value of the property is more than $2,193,000, then the estate tax rate is 10% or higher, depending on the amount of the value. For example, if the value of the property is $4,386,000, then the estate tax rate is 12%. So, the higher the value of the property, the higher the estate tax rate. Estate tax rates range from 10% to 20%. It is important to note that the estate tax rate also varies depending on the type of property. For example, if the property is real estate, the estate tax rate may be different from the rate for personal property. Therefore, it is important to consult with a qualified tax advisor in order to determine the exact estate tax rate for inherited property in Washington.

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