We are able to file WA Working Families Credit with Lacerte, therefore us Washingtonians would appreciate it if we could also file the new WA Capital Gains Tax.
As a stopgap measure, it would be really nice to have a diagnostic that catches when a client is a Washington resident with long-term capital gain over $250K. Lacerte did something similar when the American Rescue Plan changed the rules for unemployment benefits halfway through tax season.
Thanks for the heads up. Do you know if this is net for the year or per sale? For example if someone was tax loss harvesting and had a huge gain to offset a huge loss
@Chuy From what I've read it applies to net Long-Term capital gains, it does not apply to Short-Term capital gains. So you can't net S/T losses, but you can use net L/T.
Thank you @sjrcpa for linking that topic. I pulled in some great info there...
"Do you know if this is net for the year or per sale?"
Please note, "Exemptions from Washington’s capital gains are based on transactions. This means you may owe capital gains tax on some transactions and not on others."
Clients are beginning to ask about this as their supreme court ruled constitutional. It is due by April 18. Please, please add this to your fast track list
