Based on current Market Conditions, the Value of my Ammunition is much higher than it was when I purchased it.
Anyone know which Tax Form I report that unrealized Gain on?
I won’t be selling that Asset. Could be a 1040-.556 Form.
If something like the above becomes law, there will necessarily be some threshold of when unrealized capital gains will need be reported/taxed. For the sake of argument, let's say it's $600 - which also must be determined. As someone upstream said, accounting will be a nightmare.
“I won’t be selling that Asset. Could be a 1040-.556 Form.”
No.... It’ll prolly be seized and redistributed to those less fortunate.