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UPDATE FOR PHYSICIANS AND ALL INVESTORS
By Dr. David E. Marcinko MBA CMP®
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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Filed under: "Ask-an-Advisor", Accounting, CMP Program, Glossary Terms, Investing, Taxation, Touring with Marcinko | Tagged: Accounting, capital gains, David Edward Marcinko, Investing, long term capital gains, short term capital gain, tax basis, Taxation | Leave a comment »
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