Get the free Real Estate Excise Tax Affidavit - Yakima County - yakimacounty

INSTRUCTIONS Note: To report a transfer of a controlling interest in real property, please use the Real Estate Excise Tax Affidavit Controlling Interest Transfer Return, Revenue Form No. 84-0001B.

How to fill out real estate excise tax

How to fill out real estate excise tax:

1. Gather all necessary documents: Before filling out the real estate excise tax form, make sure you have all the required documents ready. This may include the property address, sales price, and any applicable exemptions or discounts.
2. Determine the sales price: Calculate the total amount paid for the property, including any improvements or personal property included in the sale. The sales price will be used to calculate the excise tax liability.
3. Check for exemptions or discounts: Depending on your jurisdiction, certain exemptions or discounts may be available for specific types of transactions. Be sure to check if you qualify for any exemptions or discounts, and provide supporting documentation if required.
4. Obtain the real estate excise tax form: Contact your local county or state agency responsible for collecting excise taxes to obtain the appropriate form. In some cases, the form may be available for download online.
5. Fill out the form accurately: Carefully complete all sections of the real estate excise tax form. Provide accurate information regarding the property, sales price, and any applicable exemptions or discounts. Double-check all the entered information to ensure accuracy.
6. Pay the excise tax: Once the form is completed, calculate the excise tax due based on the sales price and any applicable tax rates. The calculated amount should be paid to the designated agency along with the completed form. Be sure to follow the payment instructions provided by the agency.

Who needs real estate excise tax:

1. Property sellers: Real estate excise tax is typically paid by the sellers of real property. It is a tax imposed on the sale or transfer of real estate. Sellers are responsible for accurately completing the excise tax form and paying the required taxes.
2. Buyers: Although buyers are not directly responsible for paying the real estate excise tax, they should be aware of its existence as it may affect the transaction. The excise tax can sometimes be negotiated as part of the sales agreement between the buyer and seller.
3. Real estate agents or brokers: Real estate agents or brokers involved in the sale of the property may also need to be aware of the real estate excise tax. They often assist sellers in completing the necessary forms and ensure the appropriate taxes are paid.

In summary, to fill out the real estate excise tax, gather the required documents, calculate the sales price, check for exemptions or discounts, obtain the appropriate form, accurately complete the form, and pay the excise tax to the designated agency. The tax is typically paid by sellers, although buyers and real estate agents should also be aware of its existence.

For pdfFiller’s FAQs

What is real estate excise tax?

Real estate excise tax is a tax imposed on the sale of real property.

Who is required to file real estate excise tax?

The seller of the real property is required to file real estate excise tax.

How to fill out real estate excise tax?

Real estate excise tax can be filled out using the official forms provided by the tax authority, typically including information on the property sold and the sale price.

What is the purpose of real estate excise tax?

The purpose of real estate excise tax is to generate revenue for the government from real property transactions.

What information must be reported on real estate excise tax?

Information such as the property address, sale price, and seller details must be reported on real estate excise tax.

When is the deadline to file real estate excise tax in 2023?

The deadline to file real estate excise tax in 2023 is typically by April 15th.

What is the penalty for the late filing of real estate excise tax?

The penalty for the late filing of real estate excise tax can vary, but it may include additional fees or interest on the unpaid tax amount.

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