Best Tax Attorneys in Kirkland

Frequently Asked Questions

• Where does the Tax Court hold trial sessions closest to Kirkland, Washington?

  The U.S. Tax Court trial location nearest to Kirkland, Washington is Courtroom 4 of the Nakamura U.S. Courthouse at 1010 5th Avenue, Seattle, WA, 98104.

• Where is the low-income taxpayer clinic that is closest to Kirkland, Washington?

  The closest low-income taxpayer clinic is the University of Washington Federal Tax Clinic, located at the University of Washington School of Law, William H. Gates Hall, Suite 265, P. O. Box 85110, Seattle, WA 98145-1110.

• What is the statute of limitations for tax assessment in Kirkland?

  According to the Washington Administrative Code (WAC) 458-20-230, the Washington State Department of Revenue has four years from the time the close of the tax calendar year in which the tax was incurred to issue a tax assessment. However, the statute of limitations period may be extended in the case that the taxpayer is unregistered.

• Are Kirkland residents and businesses required to pay income taxes?

  No, residents and businesses in Kirkland, Washington are not subject to individual and corporate income taxes. However, individuals who are high-income earners are still subject to state capital gains tax. Additionally, those who do business within Washington State are required to pay business and occupation (B&O) tax as well as public utility tax.

• What is the capital gains tax rate in Kirkland?

  The capital gains tax rate in Kirkland, Washington is 7 percent. The tax, which was enacted in 2021, applies to the sale or exchange of long-term capital assets that exceed $250,000, such as stocks, bonds, business interests, and other investments and tangible assets. Those who owe capital gains tax must file a capital gains tax return with a copy of their federal tax return for the same taxable year.

• Is your business entity in Kirkland required to pay capital gains tax?

  No, your business entity in Kirkland, Washington is not subject to the capital gains tax. The state of Washington's capital gains tax is only imposed on individuals and not on business entities. However, the tax does apply to gains passed through from individual owners of entities or disregarded entities for federal tax purposes.

• What are the exemptions to the capital gains tax in Kirkland?

  The capital gains tax does not apply to sales or exchanges of real estate, retirement account assets, the sale or exchange of assets held for a short period of time, and eligible family-owned small businesses. Other exemptions include timber and timberland, commercial fishing privileges, specific agricultural products, and cattle, horses, or breeding livestock.