This handout defines what assets are considered capital assets. It also discusses holding periods of assets, basis, and capital gain tax rates.
- Capital and noncapital assets.
- Holding periods.
- Mutual funds, including cost basis and average basis.
- Capital gain tax rates.
- Sale of collectibles and small business stock.
- Capital loss limitation and carryover.
CLIENTS WHO MAY BENEFIT:
- Taxpayers who own assets and are considering selling those assets.
- Taxpayers who have inherited property.