Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Thanks for your answer, already knew 95% of that but you made me aware of the relevant point.
"You have to hold assets for a term longer than 12 months to be a capital
asset. If you trade in any asset within a 12 month period it is deemed
assessable income - not capital gains."

Assessable income vs capital gains. Where I was going wrong was thinking of it all as capital gains.
This brings up a different question on exactly the same circumstances.
Assets held less than 12 months - sold at a loss.
Is this a capital loss or negative income?Can I use this to reduce my taxable income.If not why not? I know the Tax Office think they are a law unto themselves but can they have it both ways?
Am I clutching at straws?
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.