Sell Closing Property For Cash In Washington
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FAQ
Tax-Loss Harvesting The new 7% Washington State capital gains tax applies only to the sale of long-term assets, assets that are held for more than one year. Because of this, only the sale of long-term losses can offset long-term gains, for the purposes of calculating the tax owed.
As a general rule, main residence exemption dismisses capital gains tax payable on the sale of the property you regard as your family home, which is your principal residence. This is because you don't generate an income from living in your own home; therefore, the property sale is exempt from CGT.
Washington State, under Chapter 82.45 of the Revised Code of Washington ( RCW ), imposes an excise tax on the sale of real property. Unless otherwise specifically exempt from tax under Washington Administrative Code ( WAC ) 458-61A, all sales of real property are subject to the Real Estate Excise Tax ( REET ).
