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"NEWS NOTES"

From the office of Angle, Zaebst & Associates

Capital Gains and Losses

Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. Here are the facts. 
Source IRS Tax Tip 2010-35
  1. When you sell a capital asset, the difference between the amount you sell it for and your basis - which is usually what you paid for it - is a capital gain or a capital loss.
  2. You must report all capital gains.  However, you may deduct capital losses only on investment property, not on property held for personal use.
  3. If your capital losses exceed your capital gains, the excess can be deducted on your tax return and used to reduce other income, such as wages, up to an annual limit of $3,000, or $1,500 if you are married filing separately.

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