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lin_phillips_1
New Member

What is the capital gains tax law in Washington State? I have heard it will change Jan 1, 2018 to having had lived in your house for 2 years to 5 years. Any answers?

 
2 Replies
SweetieJean
Level 15

What is the capital gains tax law in Washington State? I have heard it will change Jan 1, 2018 to having had lived in your house for 2 years to 5 years. Any answers?

Washington state does not have a state income tax.

And the Federal tax reform law has not yet been signed into law.

SweetieJean
Level 15

What is the capital gains tax law in Washington State? I have heard it will change Jan 1, 2018 to having had lived in your house for 2 years to 5 years. Any answers?

Both the Senate and House versions of tax reform would require you to live in your home for five years instead of two to get an exemption from paying taxes on any capital gains generated by the sale. But, as indicated above, nothing has been signed into law yet.
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