In computing tax for a taxable year, a taxpayer may deduct from his or her Washington capital gains: (1) A standard deduction of $250,000 per individual, or in the case of spouses or domestic partners, their combined standard deduction is limited to $250,000, regardless of whether they file joint or separate returns. The amount of the standard deduction shall be adjusted pursuant to RCW 82.87.150; (2) Amounts that the state is prohibited from taxing under the Constitution of this state or the Constitution or laws of the United States; (3) The amount of adjusted capital gain derived from the sale or transfer of the taxpayer's interest in a qualified family-owned small business pursuant to RCW 82.87.070; and (4) Charitable donations deductible under RCW 82.87.080.
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