All Forum Posts by: Katie King

Hi! 

Looking for recommendations with a savvy real real estate tax professional for the following scenario: 

My husband and I bought property in 2019, lived in it on our RV while building starting in summer 2020, finished building in summer 2022 and are thinking of selling this summer to relocate closer to family and a business opportunity. 

Would we be subject to capital gains in this scenario as the property was our primary residence for 2+ years? We do have utility records and this was the address we used for tax filings for the last several years. 

The area we live in outside of Seattle (Bainbridge Island) has seen an explosion of appreciation these last few years so our gains are likely upwards of 500k.

& In the scenario we don't quality for an exemption, we'd also like to figure out how much we would be liable for if we did choose to sell this year. 

Thanks!

-Katie

Thanks all for bringing more clarity to this! Sounds like I need to consult with a tax professional privy in real estate. If anyone has any recommendations please let me know! 

Just wanted to confirm this is correct- in Washington state you no longer have to pay capital gains tax on real estate, regardless of how long you owned the property? 

My husband and I are putting our new construction home on the market later this summer. Bought land back in 2019, finished building in 2022, listing in summer 2023. 

Just wanted to make sure we wouldn't have an issue with capital gains tax. 

Thanks for any advice!

Looking for recommendations for a HELOC on our primary in WA State.

Anyone have a great lender with good rates that you'd recommend? 

Thanks!