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
Not sure if you have to pay taxes on your scholarship? It depends on how the scholarship money is used. Learn more with the tax experts at H&R Block.
Get tips on reducing your taxable income through deductions, donations and more. Learn how your AGI can affect your tax refund.
Learn more about Form 8690 and the IRS net investment income tax from the tax experts at H&R Block.
Learn more about investment property tax with advice from the tax experts at H&R Block.