![]() ![]() Other exclusions cover assets held in retirement accounts, and interests in qualified family-owned small businesses.Ī “family-owned” small business is defined in the legislation as one that has $10 million or less in gross worldwide receipts in the 12 months immediately preceding the sale. Certain categories of assets are also excluded, most notably real estate (whether held directly or through a privately owned entity). Thus, ordinary income, short-term capital gains, dividends, and interest are all excluded from the tax. The tax is imposed specifically on long-term gains from the sale or exchange of capital assets. WHAT ASSETS WILL BE SUBJECT TO THIS NEW TAX? This tax applies to individuals only, though individuals can be liable for the tax as a result of their ownership interest in an entity that sells a long-term capital asset. The 2021 Washington State Legislature recently passed a new 7% tax on the sale of long-term capital assets (including stocks, bonds, business interests, or other investments) if the gains exceed $250,000 annually. WHAT IS THE NEW CAPITAL GAINS TAX IN WASHINGTON STATE? ![]()
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