PDA

View Full Version : What is the capitol gains rate for Washington state?


marleyjeanne
Jan 21, 2012, 10:14 AM
How can I find out the capitol gains tax rate for Washington state? Im getting cashed out (early) on 2 house's I sold many years ago. No I really don't want to derfer it etc. Is my regular annual income somehow figured in? I made aprox $30,000.00 last year but have not filed for taxes in ages.

MukatA
Jan 21, 2012, 08:46 PM
You must file tax return if your income exceeds the filing requirements.
Gain from the sale of house is reported on schedule D (Form 1040) unless it is your main home and you meet the requirements to exclude gain of up to $250,000 on the sale of main house.

marleyjeanne
Jan 22, 2012, 11:20 AM
So does my income of $30,000.00 exceed the filing requirements? No these houses were not my main home. It would be long term gain but I still don't have a clue what tax rate Washington State has for capitol gains. Can you tell me?

ebaines
Jan 22, 2012, 12:19 PM
Washington State has no income tax, so you pay nothing to WA on the gain from the sale of your property.

The capital gains tax rate for your federal income tax is 15%, but it may be less if you are in a lower tax bracket.

MukatA
Jan 22, 2012, 07:40 PM
Filing requirements Your U.S. Tax Return: 2011 Filing Requirements for Most Taxpayers (http://taxipay.blogspot.com/2011/12/2011-filing-requirements-for-most.html)