Washington State's new capital gains tax has created quite a stir. Despite constitutional concerns, it's now in effect, imposing a 7% tax on capital gains exceeding $250,000 annually. What's unusual is that this tax is seen as an excise tax rather than an income tax, a distinction that's currently under legal scrutiny. The Washington Supreme Court recently allowed its implementation while its constitutionality remains debated. Interestingly, this tax affects married couples more than individuals, offering no combined exemption for couples. Real estate is exempt, but intangible property gains are not. The deadline for filing is approaching, so it's crucial to consult your CPA for guidance and ensure compliance. If you've been involved in business transfers, estate administration, or charitable donations in 2022, it's wise to consult both your attorney and CPA to navigate this complex tax landscape.

What are the death taxes? Can I avoid them?

Know your rights as tenants in the updated Seattle’s Renter’s Handbook.