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Nearly everything owned by taxpayers is considered a capital asset. It doesn’t matter whether the taxpayer uses the property for personal or investment purposes. The most common capital asset owned by U.S. taxpayers is their primary residence. Other examples of capital assets include household furnishings, stocks and bonds held in a personal account, and jewelry.
→ Read MoreA capital gains tax is essentially a tax on a profit made from the sale of a capital asset, and is assessed depending on the nature of the asset sold. For example, if you sell a rental house at a substantial profit, the proceeds would be subject to a capital gains tax. Capital gains taxes do not cover the general sale of inventory, so if you operate a small business out of your home the proceeds on the sale of your product would not be subject to a capital gains tax.
→ Read MoreI had capital losses. Can I deduct them from regular income?
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