how loss on sale of fixed assets is capital loss
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Explanation:
Loss on sale of fixed assets is capital loss as it is not a loss from main business of the firm.
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A capital loss is a loss incurred when a capital asset is sold for less than the price it was purchased for. In regards to taxes, capital gains can be offset by capital losses, reducing taxable income by the amount of the capital loss. Capital gains and capital losses are reported on Form 8949.
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