Property Taxation

Question 1

Personal use asset taxation gains and losses

Answer 1

Gains - short term or long term cap gain depending on holding period

Losses - may not be recognized or deducted

Question 2

Capital assets taxation gains and losses

Answer 2

Gains - Short term or long term capital gain depending on holding period

Losses - capital loss (deductible up to extent of capital gains plus $3,000)

Question 3

Trade or business asset taxation

Answer 3

Gains - short term or long term cap gain depending on holding period

Losses - capital loss deductible against ordinary income

Question 4

Trade ordinary income asset

Answer 4

Gains - ordinary income

Losses - ordinary loss (deductible against ordinary income)