The first day a capital asset acquired on August 31, 2017 may be sold for long-term capital gain or loss treatment is September 1, 2018.

Question

Quizplus · Accepted Answer

According to IRS rules, an asset must be held for at least one year and one day to qualify for long-term capital gain or loss treatment. August 31, 2017, to September 1, 2018, equals one year and one day. Therefore, the first day the asset can be sold for long-term capital gain or loss treatment is September 1, 2018.

The First Day a Capital Asset Acquired on August 31