Timber grown on your home property or investment property, even if you make casual sales of the timber. A car used for pleasure or commuting. Coin or stamp collections. Gems and jewelry. Gold, silver, and other metals.
Property held for personal use is a capital asset.
Gain from a sale or exchange of that property is a capital gain. Loss from the sale or exchange of that property is not deductible. You can deduct a loss relating to personal-use property only if it results from a casualty or theft. This treatment does not apply to property used to produce rental income. See Business assets, later, under Noncapital Assets.