On the TAXATION of Capital Gains and Losses

UPDATE FOR PHYSICIANS AND ALL INVESTORS

By Dr. David E. Marcinko MBA CMP®

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SPONSOR: http://www.CertifiedMedicalPlanner.org

Almost everything you own and use for personal or investment purposes is a capital asset. Examples include a home, personal-use items like household furnishings, and stocks or bonds held as investments. When you sell a capital asset, the difference between the adjusted basis in the asset and the amount you realized from the sale is a capital gain or a capital loss.

CITE: https://www.r2library.com/Resource/Title/0826102549

Generally, an asset’s basis is its cost to the owner, but if you received the asset as a gift or inheritance, refer to Topic No. 703 for information about your basis.

For information on calculating adjusted basis, refer to Publication 551, Basis of Assets. You have a capital gain if you sell the asset for more than your adjusted basis. You have a capital loss if you sell the asset for less than your adjusted basis. Losses from the sale of personal-use property, such as your home or car, aren’t tax deductible.

IRS: https://www.irs.gov/taxtopics/tc409

MORE: https://medicalexecutivepost.com/2021/04/23/bidens-capital-gains-tax-proposal/

RELATED: https://medicalexecutivepost.com/2021/05/01/capital-gains-tax-non-sense/

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Dodging an Embarrassing Question about Electronic Dental Records

MORE ON EDR SECURITY

The Secrets of AmeriPlan® Corporation's Discount Dentistry ...

By Darrell K. Pruitt, DDS

Dental Care Alliance Data Breach Impacts More Than 1 Million Patients

NEWS FLASH!

Sarasota, FL-based Dental Care Alliance, LLC, a dental support organization with more than 320 affiliated dental practices across 20 states, has been hacked and the protected health information of more than a million individuals has potentially been compromised. The breach occurred on September 18, 2020, was detected on October 11, and was contained on October 13.”

Steve Alder

[HIPAA Journal – December 10, 2020]

LINK: https://www.hipaajournal.com/dental-care-alliance-data-breach-impacts-more-than-1-million-patients/

Currently I am in conversation on LinkedIn with a Chief Information Officer for an IT firm. He assures me that the cloud is more secure than paper dental records stored in heavy and loud metal filing cabinets, but cannot say why.

Meanwhile, I have never heard of a million paper dental records being stolen in one heist. Wouldn’t that require a truck or two? What’s more, once the thieves escape to their hideout, someone will have to enter the data onto computers – while struggling to interpret bad handwriting.

ASSESSMENT: Your thoughts are appreciated …. More later.

THANK YOU

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Textbook Order: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

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PODCAST: How Extensive is Healthcare Prior Authorization?

A New Study

BY ERIC BRICKER MD

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