<html> <body> <a href="http://www.irs.gov/taxtopics/tc409.html"= eudora="autourl">http://www.irs.gov/taxtopics/tc409.html</a> Excerpt from above site: ~~~~~~~ Almost everything you own and use for personal or investment purposes is a capital asset. Examples are your home, household furnishings, and stocks or bonds held in your personal account. When you sell a capital asset, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. When you sell a capital asset, the difference between the amount you sell 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 <a href="http://www.irs.gov/taxtopics/tc703.html">Topic 703</a> for information about your basis. You have a capital gain if you sell the asset for more than your basis. You have a capital loss if you sell the asset for less than your basis. Losses from the sale of personal–use property, such as your home or car, are not deductible. !!!!!!!!!!!!! Fortunately, sales of pianos in our businesses is considered regular income and not taxed at this higher rate (or lower rate depending on one's sales volume) Jon Page </body> </html>