Capital Gains & Losses
- Capital Assets
- Investment Property
- Capital Losses versus Ordinary Losses
- Section 1244 Stock
- Personal Use Property
- Noncapital Assets
- Selling Business Property
- Section 1231 Gains and Losses
- Figuring Basis
- Amount Realized
- Holding Period
- Computing Capital Gains and Losses (the netting process)
- Schedule D and Form 8949
- Form 1099-B
- Capital Gains Rate Table
More Tax Topics
- Business Structures
- Start-up Costs
- Depreciation
- Car Expenses
- Home Office Deduction
- Travel Expenses
- Hiring Workers
- Meals and Entertainment
- Retirement
- Top Tax Myths
- Per Diem Rates - IRS Publication 1542 Oct 2011 for Travel Within the Continental U.S (for employers who pay a per diem allowance to employees)
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Need Some Deductions for 2012?
Don't overlook these!
Updated for 2012
Special Tax Treatment for Personal Use Property
Personal use property includes items that you do not use for business purposes and did not acquire for investment purposes.
For example:
- Your car, home, coin and stamp collection, television, and jewelry.
Although personal use assets are technically capital assets, they receive special tax treatment.
Tax treatment of personal use property:
- A loss on the sale of personal use property is NOT deductible.
- However, a gain on the sale of personal use property is taxable.
This may not seem fair, but that's the way it is. But there is an exception.
Exception: A theft or casualty loss of personal use property is deductible.
Casualty and theft losses for personal use property are figured on Form 4684.
The deduction is taken on Schedule A (Form 1040).
Related Links
- What are Capital Assets?
- Selling Investment Property
- Capital Losses and Ordinary Losses Explained
- Nine Rules for Capital Losses.
- What is Section 1244 Stock?
- Inventory, Accounts Receivable, and Notes Receivable
- Depreciable Business Property
- Form 4797, Sale of Business Property
- What is Section 1231?
- What is Basis
- Unadjusted Basis
- Adjusted Basis
- Figuring Amount Realized
- What Is Your Holding Period?
- How to Determine Your Holding Period
- When the Holding Periods Begins for Certain Types of Items
- Selling Stock
- The Netting Procedure
- Transactions Reported on Schedule D
- Form 1099-B Explained
- Transactions Reported on Schedule D
- Form 1099-B Explained
- Transactions Reported on Schedule D
- Form 1099-B Explained
- Tax Planning Opportunity for Tax Years 2008 through 2010
- Gifting Appreciated Property
- Table: Capital Gains Rates
Copyright © 2008-2013 Larry Villano. All rights reserved.