The Department of Revenue (DOR) recently issued the following statements regarding the capital gains tax. These interim guidance statements reflect DOR’s current position on an issue where final guidance has not yet been published.
Capital gains excise tax and calculation of credit for taxes paid to another taxing jurisdiction:This interim guidance statement explains the computation of the Washington capital gains excise tax credit for taxes paid to another taxing jurisdiction.
Capital gains excise tax and Section 1256 contracts: This interim guidance prescribes the methodology for determining the Washington capital gain from Title 26 U.S.C. Section 1256 contracts for purposes of the Washington capital gains excise tax.