Taxes on Selling a House in Washington State

When you sell a home in Washington State, you can expect to pay some sizable transfer taxes. The main thing to consider is the state’s real estate excise tax (REET). Aside from that, there are lesser local transfer taxes, as well as the standard federal tax on capital gains you make from the home sale. With the help of a top Washington State real estate agent, we’ll take a look at each of these tax liabilities and how they add up when you sell your Washington home. Connect With a Top Agent to Sell Your Washington State Home It takes just two minutes to match clients with the best real estate agents, who will contact you and guide you through the process. To connect with an agent, simply tell us a little bit about your property and how soon you’re looking to sell. Our data shows the top 5% of agents across the U.S. help clients sell their home for as much as 10% more than the average real estate agent. What is Washington’s real estate excise tax? This is the primary tax you’ll have to pay when you sell your Washington home. It’s based on the entire sales price (not just the profit), and the percentage you owe graduates as the sales price reaches specific thresholds. Effective Jan. 1...