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
Need extra cash? H&R Block is here to help with a list of some of the best temporary jobs for making money on the side.
Have you found yourself wondering how the IRS classifies Bitcoin? Our tax pros discuss relevant IRS Bitcoin law and notices. Learn more with H&R Block.
Let the experts at H&R Block help you calculate your child’s gross income with these helpful tips.
Learn more about investment property tax with advice from the tax experts at H&R Block.