RCW 82.87.060

154 words·~1 min read·/wa/title-82/chapter-82-87/82-87-060·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In computing tax for a taxable year, a taxpayer may deduct from his or her Washington capital gains:

(1)A standard deduction of $250,000 per individual, or in the case of spouses or domestic partners, their combined standard deduction is limited to $250,000, regardless of whether they file joint or separate returns. The amount of the standard deduction shall be adjusted pursuant to RCW 82.87.150 ;

(2)Amounts that the state is prohibited from taxing under the Constitution of this state or the Constitution or laws of the United States;

(3)The amount of adjusted capital gain derived from the sale or transfer of the taxpayer's interest in a qualified family-owned small business pursuant to RCW 82.87.070 ; and

(4)Charitable donations deductible under RCW 82.87.080 .

[ 2021 c 196 s 7 .]

Notes:

Automatic expiration date and tax preference performance statement exemption — 2021 c 196: See note following RCW 82.87.010 .