Tag Archives: losses
If you enjoy trying your luck at the tables, watching the slots spin, or hoping to win your horse, any money you have earned from these activities is taxable, the IRS must be advertised. Every once in a while you can enjoy a game of chance, but you should never play your taxes. Follow these […]
— Read moreKnowing the difference between capital gains and losses, and how each factors into your tax return can make a big difference on your stress level. Continue reading to learn more about each. Capital Gain Profits made from the sale of assets, such as stocks, real estate and mutual funds is called capital gain. Short term […]
— Read moreCapital assets include basically everything you own for either personal or investment purposes. Some examples of capital assets are homes and household furnishings and stocks or bonds used as investments. Selling a capital asset can either result in a capital gain or a capital loss. It depends on the difference between the basis of the […]
— Read moreCertain miscellaneous expenses, like consultation fees for tax services that you incur throughout the year, may be able to be deducted at tax time. If you chose to itemize your expenses, you may even be able to lower the amount of taxes you owe. If you want to claim miscellaneous deductions on your tax form, […]
— Read morePersonal or investment property that you own is typically considered a “capital asset”. Examples range from material items like a house or car, to investment items like stocks and bonds. A capital gain or loss occurs when a “capital asset” is sold. Whether you can consider the sale a capital gain or loss depends on […]
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