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Get your taxes done using TurboTax
Property sold for a gain is always taxable, whether held for personal use or business use. Think about stocks that increase in value, gold coins, collectible baseball cards, and yes, even antique cars. That this particular bit of property is intangible doesn't change that. Business use means that if you sell for a loss, you can take a tax deduction. You can't take a deductible loss on personal property. And, when calculating gain or loss on business property, you must account for and recapture any depreciation that you took or could have taken.
‎October 27, 2024
8:40 AM