This week, we covered capital assets. Key topics include capital gains$($losses$),$ holding periods, basis, rental income$($expenses$),$ active, passive, and portfolio income, NOL, and the QBI deduction. In your initial post, address the following bullet prompts:

Define the term capital asset and the two capital gain types and holding periods. What schedule is used to report rental income and expenses? Explain what is included in rental expenses. Outline the rules related to rental income and days rented. Differentiate between active, portfolio, and passive income.