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
Many entrepreneurs find themselves wondering exactly how Bitcoin is taxed. Our H&R Block Tax Pros are prepared to assist self-employed filers with Bitcoin taxation.
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.
Many are surprised to learn that even side gigs come with a tax price. H&R Block Tax pro's have arranged expert tips for those who owe direct sales taxes.
What is a closing disclosure? When you buy a house, you will receive a closing disclosure that can benefit you at tax time. Learn more at H&R Block.