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King Washington Form 1041: What You Should Know

Any other information required by the law governing the disposition of property. Who is to File. The trustee has the following responsibilities with respect to: Property and items subject to the estate tax  of Washington For Estate Taxes Fiduciaries of a domestic decedent's estate, trust, or bankruptcy estate must file a Form 1041 for estate taxes. The estate tax return is required by Washington state statute and regulations to be filed by a legal representative for a domestic decedent's estate, or by an executor of a deceased estate. The estate tax return should be filed with the county where the qualified beneficiaries reside in order for the estate tax to be withheld at source. Fiduciaries of any estate may file a Form 706, Claim for Refund of Estate Taxes. The estate tax returned should be refunded on the basis of the amount of tax not withheld by a valid reason. About the Washington Tax Code The following table summarizes the property and income tax rules in Washington state. The rules apply irrespective of how the decedent acquired the property. However, if the property, income, or gain is attributable to: an installment contract, a qualified retirement plan, a qualified domestic relations order (QDR),  certain qualified real property acquired and held for investment purposes, or certain qualified real property held for investment purposes and sold at an effective fair market value within a year or less of the decedent's death, the estate tax rules on that transaction may affect the filing of a tax return and thus the assessment of the estate tax. Also, a decedent who disposed of property for cash, as in the case of property or income that was acquired on an installment contract before December 31, 2003, through the sale in Washington state or a qualified domestic relations order (QDR) or qualified residential rental dwelling unit acquired in Washington, as in the case of property or income that was acquired on a QDR before December 31, 2007, and sold in Washington state or a qualified residential rental dwelling unit owned and maintained in Washington in 2013, 2010, 2009, 2008, or 2007, and who disposed of such property for cash, will be assessed and may be subject to an additional tax equal to 30% of a gain on the sales. Property and income and income Tax Rules.

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