Did you know that collectibles, and even country-club memberships, qualify for long-term capital-gains rates?

If you're a stock or mutual-fund investor, then you probably know that investments held for more than a year and sold for a profit are subject to lower tax rates as long-term capital gains. Generally speaking, if you're in the 25% tax bracket or higher, you will owe no more than 15% of your profits to the Internal Revenue Service.

But what you might not realize is that more than just stock and mutual-fund shares are eligible for favorable capital-gains tax treatment. If you sold, say, your vacation time share or your country-club membership, then you just might be pleasantly surprised to discover you'll owe no more than 15% on the gain (assuming that you held the asset for more than a year).