Although almost everything you own and use for personal purposes,
pleasure or investment is a capital asset, Capital Gains taxes can be complex.
Quite simply, taxes are an unavoidable and annual tax liability that can vary from year-to-year.
According to the IRS, when you sell a capital asset, such as stocks, the difference between the amount it was purchased for and the amount it was sold for would be considered a capital gain or a capital loss. While you must report all capital gains, you may deduct only your capital losses on investment property, not personal property.
Accounting and planning for the sale and purchase of capital assets is usually a complicated matter, so please contact the professionals at Schell & Hogan, LLP to obtain the expert guidance and advice you deserve.
|Percentage||For Unmarried Individuals, Taxable Capital Gains Over||For Married Individuals Filing Joint Returns, Taxable Capital Gains Over||For Heads of Households, Taxable Capital Gains Over|