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Tell me about capital gains in washington state i plan sell my home and make a profit of $700,000

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What are washington states capital gains the a home that was purchase in 1982

Submitted: 11 months ago.Category: Capital Gains and Losses
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9/16/2017
Tax Expert: Lane, JD, CFP, MBA, CRPS replied 11 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Capital Gains and Losses
Satisfied Customers: 14,894
Experience: Have been providing Financial and Tax advice for 30 years.Concentration in Corporations, Estate, Income Tax and Business Planning
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HI, MY NAME’S LANE - I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

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Tax Expert: Lane, JD, CFP, MBA, CRPS replied 11 months ago

As of now HB 2186 in Washington State has not passed, so there is no capital gains tax at the state level. The bill has faced serious opposition and many claim that it invalidates the State constitution.

...

Here's the legislative history to date:

...

2017 1ST SPECIAL SESSION

Apr 24

By resolution, reintroduced and retained in present status.

2017 2ND SPECIAL SESSION

May 23

By resolution, reintroduced and retained in present status.

2017 3RD SPECIAL SESSION

Jun 21

By resolution, reintroduced and retained in present status.

...

At the federal level there is a 250,000 exclusion on capital gains tax for a primary residence ($500,000 for a couple fiiling jointly).

...

Capital gain = sales price - basis ... where basis is purchase price plus any improvement to the house.

...

The amount of gain above that exclusion is taxed at the lower long term capital gains tax rate here:

...

Long-term gains and qualified dividends taxed at

  • 0% if taxable income falls in the 10% or 15% marginal tax brackets
  • 15% if taxable income falls in the 25%, 28%, 33%, or 35% marginal tax brackets
  • 20% if taxable income falls in the 39.6% marginal tax bracket
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Tax Expert: Lane, JD, CFP, MBA, CRPS replied 11 months ago

SO, depending on how you file, if you file jointly, based on your information, 200,000 of the gain would likely be taxed at 15%. If you are a single filer (700000 - 250000) = 450000 of the gain (depending on your other income) would still likely be taxed at 15% - possibly some of it at 20% and a small portion would have the additional 23.8% ACA medicare surplus tax.

...

If you'd like to tell me how you file, and your other income for the year, I can run the numbers for you. I'm attaching a table that illustrates how capital gains and other income interact.

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Tax Expert: Lane, JD, CFP, MBA, CRPS replied 11 months ago

Here are the tables

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Tax Expert: Lane, JD, CFP, MBA, CRPS replied 11 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

I hope that you’ll rate me based on my accuracy and thoroughness, rather than any good news/bad news content.

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

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