Incredible Capital Gains Tax On Family Home Wa Ideas. As with other assets such as stocks, capital gains on a home are equal to the difference between the sale price and the seller's basis. Capital gains tax (“cgt”) is a tax payable pursuant to the itaa on the disposal of an asset that had been purchased after 20 september 1985.

If you have a gain from the sale, you’ll need to pay taxes on that gain at the capital gains tax rate. The new capital gains tax that imposes a 7% tax in washington state effective date was january 1, 2022. Governor inslee signed washington’s new capital gains tax (“the tax” or “the cgt”) into law on may 4, 2021.