Capitol Gains Washington State (income tax, sale, property, requirements)

[Dahlia Lover]

Hello, I live in Washington State. Is there a 1 one time exemption on Capitol Gains if I wait until I am 55 to sell our house? What if I am 55 but my husband is not. We want to sell our house but can wait if we can get out paying capitol gains. Thank you so much. I hope this is not a stupid question. KayC

[DMenscha]

Washington state does not levy an income tax or a capital gains tax.

The Federal Government rules are here:

Property (Basis, Sale of Home, etc.) (http://www.irs.gov/faqs/faq/0,,id=199598,00.html - broken link)

[rjrcm]

As DMenscha indicated, you have to consider Federal capital gains tax, explained in his link. The one time exemption has been replaced by time of ownership and occupancy requirements. Your age is not a consideration.