---------------------- multipart/alternative attachment http://www.irs.gov/taxtopics/tc409.html Excerpt from above site: ~~~~~~~ Almost everything you own and use for personal or investment purposes is a= =20 capital asset. Examples are your home, household furnishings, and stocks or bonds held in= =20 your personal account. When you sell a capital asset, the difference between the amount=20 you sell it for and your basis, which is usually what you paid for it, is a capital gain or= =20 a capital loss. When you sell a capital asset, the difference between the amount you sell=20 it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. If you received the asset as a gift or inheritance, refer to=20 <http://www.irs.gov/taxtopics/tc703.html>Topic 703 for information about=20 your basis. You have a capital gain if you sell the asset for more than your basis. You= =20 have a capital loss if you sell the asset for less than your basis. Losses from the sale of=20 personal=96use property, such as your home or car, are not deductible. !!!!!!!!!!!!! Fortunately, sales of pianos in our businesses is considered regular income= =20 and not taxed at this higher rate (or lower rate depending on one's sales volume) Jon Page ---------------------- multipart/alternative attachment An HTML attachment was scrubbed... URL: https://www.moypiano.com/ptg/pianotech.php/attachments/5f/6f/e3/2c/attachment.htm ---------------------- multipart/alternative attachment--
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