State of Washington

Pre-1987 capital gains and losses were calculated differently, but after 1986 the following rules apply: All capital gains are subject to tax, but at a lesser rate than existed pre-1987 with no capital gains excluded. Losses may . offset $3,000 of ordinary income, whether Short-Term (ST) or Long-Term (LT), with $1 of loss offsetting $1 of income. ................
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