Introduction to Capital Assets | Capital Gains Capital Losses | Income Tax Course | TCJA | CPA Exam
Channel: Farhat Lectures. The # 1 CPA & Accounting Courses
Date: 2019-01-21

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Recognized gains and losses must be properly classified. Proper classification depends on three characteristics: 
The tax status of the property (capital, § 1231, or ordinary). 
 The manner of the property’s disposition (sale, exchange, casualty, theft, or condemnation). 
The holding period of the property (short-term: one year or less; long-term: more than one year).

Personal use assets and investment assets are the most common capital assets owned by individual taxpayers. Personal use assets usually include things like a residence, furniture, clothing, recreational equipment, and automobiles. Investment assets usually include stocks, bonds, and mutual funds. Remember, however, that losses from the sale or exchange of personal use assets are not recognized.


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