“Imputed income”?
I think that means you get taxed, not on what you made but what you COULD have made.
I hope that rotten mess goes down in flames.
RE: I think that means you get taxed, not on what you made but what you COULD have made.
Suppose I bought stocks in Apple and held on to the stock for several years. Now I calculate that I made a profit of about $50,000 from my initial investment, but prefer to still hold on to the stock ( i.e., I have not sold the stocks at all ).
What does imputed income mean for me?
Isn’t that how property taxes have always been? You pay off some estimate by government of what you house value might be, but only if you actually sold it, first.
That is a complete racket.
I bought some property 20 years ago. It has tripled in value.
By the logic of “imputed income” I would owe about 150,000 dollars on income that I have not received yet. When it is sold in the future I will most certainly owe tax on the profits realized.