Tag Archive: capital gains

Selling items previously gifted. What is the gain?

Written by July 21, 2014

Imagine this scenario. Your wealthy Uncle John is something of an art collector, buying paintings and sculptures from promising young artists. When he retires, he moves into a small condo in a retirement community and has to downsize his art collection. He gives away much of his art to family members, and you receive an abstract painting. He tells you...

Read More...

Tags:

Category:

Beware of the Wash Sale Rules

Written by November 9, 2012

If you sell a security before the end of 2012 to take advantage of a capital loss, be aware of the wash sale rules. To make sure the loss is deductible, refrain from buying the same security or a substantially identical security during the 61-day period that begins 30 days before you sell and ends 30 days after.

Tags:

Category: