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What is a capital asset? Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. Examples include a home, personal use items like household furnishings, stocks or bonds, collectibles held as investments. How are capital gains and losses calculated? When you sell a capital asset, the difference between the […]

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Relationship — the taxpayer’s child or stepchild (whether by blood or adoption), foster child, sibling or stepsibling, or a descendant of one of these. Residence — has the same principal residence as the taxpayer for more than half the tax year. Exceptions apply, in certain cases, for children of divorced or separated parents, kidnapped children, temporary absences, […]

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