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Form 4562

Form 4562

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Video instructions and help with filling out and completing Form 4562

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Instructions and help about Form 4562

hello and welcome to session 15 of the basic tax course we're going to begin session 15 with a review of the session 13 quiz answer key and I have up in front of you now qu the session 13 quiz and the first question that I will review because it was a most frequently missed question is question number one which of the following is a capital asset we describe inventory depreciable property used in a business and a painting owned and created by an art artist none of those are capital assets it is only the investment use property that is a capital asset and just as a reminder a work of art if created by you is not a capital asset but if you purchased a painting uh that would be a capital asset unless of course you uh held it as inventory for sale so essentially we're looking at property you purchase and use for personal purposes is a capital asset but a property that you create through your own efforts or that is used for income production in a business is not a capital as

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