Per Diem Rates from the U.S. General Services Administration
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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").
What are Capital Assets?
Tax law classifies property according to its nature and use. Most everything you own for personal, pleasure and investment use is considered a capital asset.
Examples of Capital Assets:
- Investment Property
- Art (collectible)
- Bonds
- Coins
- Gems
- Gold
- Land
- Silver
- Stamps
- Stocks
- Investment property exception: Property used to produce rental income is not a capital asset.
- Personal use property:
- Art (decorative)
- Your boat
- Your car
- Your coin or stamp collection
- Household furnishings
- Jewelry
- Your personal residence
- Release of restriction on land.
- Amounts you receive for the release of a restrictive covenant in a deed to land are treated as proceeds from the sale of a capital asset.
Property Not Classified as a Capital Asset
Tax law excludes certain items from the definition of a capital asset.
Items excluded from the definition of a capital asset include:
- Depreciable business property (even if fully depreciated). For example, equipment, furniture, fixtures, trucks, and autos, used for your business.
- Depreciable rental property
- Inventory held for sale to customers
- Accounts and notes receivable generated by your business
- Copyrights, literary or musical compositions, letters, memoranda, or similar property created by your personal efforts or acquired from the creator by gift or in another transaction entitling you to use the creator's basis.
- Musical compositions and copyrighted musical works were removed from this list for sales in tax years beginning 2007 through 2010.
- Real property used in your business or as rental property, even if the property is fully depreciated.
- U.S. government publications received for free or for less than their normal sales price.