When the sale price for an asset is higher than the initial purchase price, meaning that a profit has been earned, the IRS calls that profit a capital gain. For instance, if you purchase a watch for your husband on your anniversary for $2,000, and you later sell the watch for $3,000, your capital gain is $1,000. Learn more about capital gains tax in California in this presentation.
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
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