Washington Return on Sale of Real Property is a form used to report the sale of real estate located in Washington State. It is filed with the Department of Revenue and must be sent within 30 days of the sale. The form is used to report the sale of residential, commercial, agricultural, mineral, timber, or other real estate. It must include the details of the sale, such as the names of the buyer and seller, the date of the sale, the purchase price, and any taxes or fees associated with the sale. There are two types of Washington Return on Sale of Real Property: Short Form and Long Form. The Short Form is used for sales of real estate that are not subject to the real estate excise tax. The Long Form is used for sales of real estate that are subject to the real estate excise tax.
Washington Return on Sale of Real Property
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FAQ
How to avoid capital gains tax on real estate Live in the house for at least two years. The two years don't need to be consecutive, but house-flippers should beware.See whether you qualify for an exception.Keep the receipts for your home improvements.
On March 24, Washington's Supreme Court flashed a bright green light for a long-term capital gains tax. The new tax takes a 7% bite out of individuals' capital gains beyond $250,000 annually. It excludes real estate and the sale of retirement accounts, along with a few other exemptions.
Read more here. In 2021, the State of Washington enacted a new 7% tax on long term capital gains realized by Washington residents and by nonresidents with respect to certain transactions occurring within the state.
Graduated REET Structure effective Jan. 1, 2023 for the state portion of REET Sale price thresholdsTax rate$525,000 or less1.10%$525,000.01 - $1,525,0001.28%$1,525,000.01 - $3,025,0002.75%$3,025,000.01 or more3%
When you sell a home for more than you paid for it, the profit you make is considered a capital gain. Capital gains from a home sale are taxable, and the tax you pay depends on how long you've owned the house, how long you lived there, your tax filing status and income.
Background. Passed by the 2021 Washington State Legislature, ESSB 5096 (RCW 82.87) created a 7% tax on any gain in excess of $250,000 in a calendar year from the sale or exchange of certain long-term capital assets such as stocks, bonds, business interests, or other investments and tangible assets.
Since Washington doesn't have an income tax, and real estate is exempt from the state's proposed capital gains tax ? which is tied up in the courts anyways ? the profits made from the sale of a home can't really be classified as either income or taxable gain on the state level.
Do I owe capital gains tax when I sell real estate? No. Washington's capital gains tax does not apply to the sale or exchange of real estate.