I have a question about how to differentiate a capital gain short term from a capital gain long term. How do I know if a capital loss or gain is short- or long-term?
Regarding the difference between a capital gain short term and a capital gain long term, a short-term gain or loss occurs when you sell property that you owned for one year or less.
A long-term gain or loss involves property you’ve held for longer than one year.
If you are selling items at a farmer's market, learn how to file your taxes with H&R Block. From cash income to bartering, these tax tips will help.