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Coin collection
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
The sale of your coin collection would be a sale of a capital asset reportable on IRS Schedule D.
It would fall into the category of collectibles and be taxed at a maximum rate of 28%.
Certain newly minted silver or gold coins issued by the government qualify for the lower 20% maximum capital gains rate even though they are considered collectibles.
It would fall into the category of collectibles and be taxed at a maximum rate of 28%.
Certain newly minted silver or gold coins issued by the government qualify for the lower 20% maximum capital gains rate even though they are considered collectibles.
Stamp collection
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
The sale of your stamp collection would be a capital asset reportable on IRS Schedule D. It would fall into the category of collectibles and be taxed at a maximum rate of 28%.
Antique vase - Sale
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
The sale of your antique vase would be a sale of a capital asset reportable on IRS Schedule D. It would fall into the category of collectibles and be taxed at a maximum rate of 28%.
Depreciation - Real property
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
Depreciable real property is categorized as section 1250 property. For sales of section 1250 property, the part of long-term capital gain attributed to depreciation is taxed at a maximum tax rate of 25% and reportable on IRS Schedule D.
Property sale - receiving payments in future years
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
You may elect to report the sale on IRS Form 6252 which spreads the tax liability on the gain over the life of the installment period.
You may elect not to use the installment method if you want to report the entire profit in the current year of sale.
You may elect not to use the installment method if you want to report the entire profit in the current year of sale.
Is the loss I incurred on the sale of my car deductible?
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
No. The loss on the sale of your car would be a sale of personal use property
and therefore not deductible.
Is the gain I realized on the sale of my car taxable?
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
Yes. The gain on the sale of your car is taxable and reportable on IRS Schedule D. Losses on sales of cars used for personal use are not deductible.
Long term - Holding period
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
The long term holding period is more than one year. The short term holding period is one year or less. The significance of this determination is that gains on long term assets benefit from lower tax rates.
How are capital gains from my mutual funds taxed?
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
Generally, capital gain distributions from mutual funds are reported to you on Form 1099-DIV box 2a. You will then report this amount as long-term capital gains on IRS Schedule D line 13.
Capital loss carryover - married filing separate filing status
Asked Friday, September 29, 2000 by an anonymous userCPA Answer:
The capital loss carryover from your previous year's married filing joint return may only be claimed on the married filing separate return of the spouse who originally incurred the loss.
You cannot use 50% of the loss if it originated from your spouse's sale of a asset.
You cannot use 50% of the loss if it originated from your spouse's sale of a asset.