What's a capital gain or a capital loss?
A capital gain occurs when you sell a capital asset for more than what you paid for it.
A capital loss occurs when you sell a capital asset for less than what you paid for it. Most property is considered a capital asset, except these:
- Inventory held for sale to customers
- Depreciable business property
- Real property used in a trade or business
- Creative property like a copyright, literary work, musical, and so on
- Accounts or notes receivable
- Supplies used in a trade or business
Ready to file?
You've got your forms. And we've got your back. There's only one thing left to do. Let's do this.
So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.