Being declared "Currently Non-Collectible" means that the IRS considers that your current financial situation makes it impossible for you to pay your taxes and they determine that they cannot collect the money from you...at least not for now.
An H&R manager in Southern California has been arrested for using the identities of his former tax preparation clients. Damon Dubose was working as a manager for H&R Block and alledgedly obtained personal information from past clients. He prepared fake tax returns in their names to get refunds and credits and then used the H&R Block Emerald Cards to withdraw the funds from ATMS.
Almost everything you own and use for personal or investment purposes is a capital asset. Capital assets include a home, vehicle, stocks and bonds. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss.