Ask Experts Questions for FREE Help !
Ask
    marleyjeanne's Avatar
    marleyjeanne Posts: 17, Reputation: 1
    New Member
    		  
    #1

    Jan 21, 2012, 10:14 AM
    What is the capitol gains rate for Washington state?
    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's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    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's Avatar
    marleyjeanne Posts: 17, Reputation: 1
    New Member
    		  
    #3

    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's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #4

    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's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #5

    Jan 22, 2012, 07:40 PM
    Filing requirements Your U.S. Tax Return: 2011 Filing Requirements for Most Taxpayers
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Rental Property/ Capitol Gains [ 1 Answers ]

Hello! We purchased an investment property in 2007. We collected rent on the home while repairing and upgrading the home. We are planning to write off many of the repairs on our 2007 taxes. If we were to sell the home in 2008, can we still write off the upgrades we made in 2007 towards the...

Capitol gains on a second house [ 1 Answers ]

I will make this short. In 1995, my husband bought a house in his own name. Moved in 2001 due to job relocation. Did not sell the 1995 house and bought another house in 2001in both our names. Rented the 1995 house for one year and had not rented it out again after tenants moved out. Sold 1995...

Colorado State Capital Gains Tax Rate [ 1 Answers ]

Can someone tell me the Colorado Sate capital tax rate? Thanks, D

Capitol gains [ 2 Answers ]

Are capitol gains added to your annual taxable income, or are they treated as a separate gain & taxed differently?

View more questions Search