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[1] [2] The initiative would have repeal SB 5096, which created a 7% capital gains tax on the sale of long-term capital assets (i.e. stocks, bonds and business interests) worth more than $250,000 in Washington state since 2021. Real estate sales are already exempt from the tax. [1] [3]
(The Center Square) – A general income tax in Washington state appears to be off the table for now, even as voters retained the state’s capital gains tax by failing to pass Initiative 2109 on ...
If you sell a house or property within one year or less of owning it, the short-term capital gains is taxed as ordinary income, which could be as high as 37 percent. Long-term capital gains for ...
The capital gains tax applies to this net capital gains figure. Also, if you have a year with a net loss on asset sales, the rules allow a deduction of the loss from your taxable income of up to ...
The Real Estate Roundtable is a non-profit public policy think tank based in Washington, D.C. that represents the interests of real estate. It develops public policy agendas pertaining to tax, capital and credit, environment and energy, and homeland security. [1] [2]
Prior to the passage of the capital gains tax, Washington State had the most regressive tax system of any state in the US. [9] The wealthiest 1% paid just 3% of their income in state taxes, while the poorest 20% paid 17.8%. [10] Advocates had long proposed a capital gains tax in order to help reduce this gap.
As an example, if you purchased a vintage dining set in 2010 for $500 and sold it in 2020 for $2,500, you have a capital gain of $2,000. If you bought that same table in 2020 and sold it the same ...
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