The revenue collected from this tax will fund the education legacy trust account and common school construction account. 1, 2022, and the first payments are due on or before April 18, 2023. In the case of spouses or domestic partners, the combined standard deduction is limited to $250,000 whether they file joint or separate returns. There are several deductions and exemptions available that may reduce the taxable amount of long-term gains, including an annual standard deduction of $250,000 per individual. The tax only applies to gains allocated to Washington state. However, individuals can be liable for the tax because of their ownership interest in a pass-through or disregarded entity that sells or exchanges long-term capital assets. The 2021 Washington State Legislature recently passed ESSB 5096 ( RCW 82.87) which creates a 7% tax on the sale or exchange of long-term capital assets such as stocks, bonds, business interests, or other investments and tangible assets. If you have general questions regarding Capital Gains or would like to request a binding ruling, please use our web page titled Request a tax ruling. Please see our interim guidance statement for more information on this topic. Substantially underpaid means you have paid less than 80% of the tax due. This means if you submit a payment by the filing deadline of April 18, 2023, you will not owe additional penalties unless you have substantially underpaid your tax liability. The department has determined that estimated payments will be treated as estimated returns. A filing extension does not extend the due date for submitting a payment. Individuals who receive a filing extension for your federal income tax return: You may receive an extension for your capital gains tax return by submitting a request electronically through My DOR on or before the original due date. Additional penalties and interest will apply to late payments.
You may incur additional penalties if you do not submit payment electronically. The department may waive the electronic filing and payment requirement for good cause.
The tax must be paid by electronic funds transfer or other form of department authorized electronic payment, such as by credit card. The capital gains tax return is due at the same time as the individual's federal income tax return is due.Īll taxpayers must electronically file their capital gains excise tax returns and all required documentation. Only individuals owing capital gains tax are required to file a capital gains tax return, along with a copy of their federal tax return for the same taxable year. Register a capital gains account (2:08).Subscribe to receive email or SMS/text notifications about the Capital Gains tax. If you received an extension for your capital gains tax return, the due date is Oct.
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