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Home sales are tax free as long as the condition of the sale meets certain criteria: The seller must have owned the home and used it as their principal residence for two out of the last five years (up to the date of closing). The two years do not have to be consecutive to qualify.

Nevada's statewide real property transfer tax is $1.95 per $500 of value over $100. Some counties in Nevada, such as Washoe and Churchill, add $0.10 to the rate. Clark County adds $0.60. The tax is collected by the county recorder.

Keep in mind that Washington state has its own estate tax. Under current law, the Washington estate tax applies to estates over $2.193 million. However, there is no state gift tax and no state limit on lifetime gifting.

The rate varies based on a number of factors, such as your income and size of gain. Capital gains tax on residential property may be 18% or 28% of the gain (not the total sale price).

Normally the seller is responsible for such things as the title insurance fee, documentation charges and notary fees for instruments transferring the property to the buyer; real property transfer tax on the recording of the deed; the real estate broker's fee and one-half of the Escrow Holder's fee.

(a) A completed real estate excise tax affidavit is required for transfers by gift. A supplemental statement approved by the department must be completed and attached to the affidavit.

Nevada does not have state or local capital gains taxes. The Combined Rate accounts for the Federal capital gains rate, the 3.8 percent Surtax on capital gains, and the marginal effect of Pease Limitations on itemized deductions, which increases the tax rate by 1.18 percent.

You may be required to pay Real Property Transfer Tax (RPTT). RPTT is calculated as $1.95 for each $500.00 of value or fraction thereof. When dealing with the fraction thereof you would round up to the nearest $500.00. Note: Taxable value is market value not the assessed value.

There are exemptions to the real property transfer tax in Nevada. If the property is being transferred from a direct blood relative to another, there is no tax charged. The same applies if it's being transferred from a joint tenant to another joint tenant. A transfer in divorce or death is also not taxed.

Unless the gift amount exceeds the entire estate exemption (which is $24.12 million for married couples in 2022), no taxes will be due on the gift.