Legal Question in Real Estate Law in Washington
Capital Gains
When we sell our house, that we have lived in for 13 years, and we buy a boat to live on, a 55' boat, do we pay capital gains on the sale in the state of Washington?
1 Answer from Attorneys
Re: Capital Gains
You need to discuss a qualified 1031 exchange, but I believe you have to purchase real property to qualify, not a boat, even if it will be your primary residence.
That said, whether or not you pay capital gains and how much is a question best addressed to a CPA.
I know that there is an exemption and that it doubles if you are married. If you have lived there for 13 years, chances are you have fair amount of equity in the property, but whether your equity is more/less than 500K, I can't tell.
Not too helpful, I know, but without sufficient information its the best I can do.
Call your CPA.
Powell
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