Taxes From A To Z (2018): Z Is For Zoning Costs

Shutterstock It’s my annual “Taxes from A to Z” series! If you’re wondering whether you can claim home office expenses or whether to deduct a capital loss, you won’t want to miss a single letter. Z is for Zoning Costs. When you dispose of a capital asset, typically by selling it, the result is a capital gain or loss. Most taxpayers understand that capital gains and losses apply to stocks and bonds but they apply to other kinds of property, too. For federal income tax purposes, a capital asset is any property that is expected to increase in value – not only stocks and bonds but real estate, collectibles, art, and cryptocurrency. Almost anything that you buy that isn’t intended to be consumed, used up, or immediately disposed of could be considered a capital asset (you can read the Tax Code’s definition of a capital asset here). Sometimes when you have an emotional attachment to an asset, it’s hard to think of…

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