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Understanding capital gains and losses

Posted 11/24/23

Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss. Here are some facts from the IRS about gains and losses and how they affect your Federal income-tax return.

Almost everything you own and use for personal purposes, pleasure or investment is a capital asset.

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