Want to know what Capital Assets are? This includes the big things of value that you own, such as real estate, cars, stocks and even fancy art. For a business, a capital asset includes valuable items that are useful for longer than a year, and that are not intended for sale in the course of the business’s operation.
For example…
As a business, you may own equipment or property that can be used on a long term basis and which will not likely be sold while your business is in operation. The items you declare as capital assets must be of significant value. For example, a few office chairs should last you more than a year but they probably don’t fit the bill as noteworthy capital assets.
