Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings, and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is capital gain or capital loss.

Here are 10 facts you should know about gains and losses and how they can affect your Federal income tax return:

1. Almost everything you ow...

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The IRS estimates that as many as 9 million taxpayers will experience a delay in filing their tax return because of the late passage of the Tax Relief Act on December 17th, 2010.

Here is What You Need to Know.

Most tax returns can be filed immediately with no delay.Only returns with activity in areas that experienced tax law changes will be affected.

Delayed returns include the following:

• Schedule A, Itemized Deductions
• Form 3800, General Business Credit
• Form 4684, Casualties and Thefts
• Form ...

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