Supreme Court Clears the Way for a Wealth Tax Because Obamacare Was a Tax: Unrealized Gains Can Now Be Taxed!

Red State ^ | 06/22/2024 | streiff

[cgbg]

I don’t know the details of inheriting capital losses.

My grandfather’s estate attorney sent me a copy of a form they gave the IRS documenting the specific capital loss to be carried forward and indicating I was the beneficiary of that account—and I forwarded it to my accountant and he has been able to use it with no issues.

[Go_Raiders]

You WILL be taxed on the unrealized gain through property taxes.

And the straw man about unrealized house capital gains is NOT part of current law, and thus a specious argument. The Supreme Court has now ruled that Congress MAY someday pass such a tax, which in technical terms means “clears the way.”

[BereanBrain]

I get a Tax increase every year on the unrealized gain in my property. The 1/2 acre went from valued at 40k to 250k. BTW lots in the area larger
Than mine were going for 70k. The corrupt government tax appraiser set my land value to that. At the hearing where I showed 15 different properties better than mine but for sale less than 80k they just threw me out of the meeting and had a fat greasy police officer walk me out.

This is AmeriKa

[cableguymn]

We’re already paying tax on the unrealized gain in our homes. My property taxes have tripled in 7 years because the value of my house is perceived to have gone up.

[cableguymn]

In Minnesota the taxes on my home are based on what the county assessor says it’s worth. That number has tripled since I bought it 7 years ago as have my taxes.

I had no idea a coat of paint, some new windows, and carpet would triple the value of my home.

[Political Junkie Too]

I'm not talking about the repatriation of foreign assets. I'm talking about extending the ruling to domestic assets like stocks and real estate.

-PJ

[coloradan]

It may have never happened in the past, but if the law changes, or if the interpretation of the law changes as a result of a court case, then what happened in the past has zero bearing on what might (or will) happen in the future.

[Alberta's Child]

Foreign assets have always been subject to unique tax laws and regulations. I suspect unrealized gains in foreign companies that function like U.S. partnerships and S-Corps are considered special cases if they are in countries that don’t issue the equivalent of 1099 or K-1 forms.

[clearcarbon]

"If I bought my home in this fiscal year for $400,000 and within a year, it is now valued at $430,000, will I be required to pay taxes on the unrealized gain of $30,000 even if I did not sell my house and continue to live there?"

That requirement could result in not having enough income to pay your expenses.