Posted on 04/02/2019 10:52:34 AM PDT by reaganaut1
Then you get to claim a loss!...................
Yup. But to say you’d have to sell the stock is not true.
I hate demonrats.
“Rental Real Estate (And do I get to depreciate it if taxed?)”
Yeah, but then you have to re capture it when you sell.
Those are unrealized gains. Based on current law realized gains are already taxed.
Obviously the Democrats have gone into the full blown deranged state. You have to have the IQ of a Kumquat to think this is a good idea.
You can claim your losses, of course, up to a maximum of $3K per year...if you lost 100K you might get the taxes back before you died... :-(
I have a Kumquat tree.
It is smarter than that....................
Obviously the Democrats have gone into the full blown deranged state. You have to have the IQ of a Kumquat to think this is a good idea. No doubt they have become enemies of normal people.
This is the same idea that they wanted to put an imputed tax on your house, based on what the value of the rent would be if you rented it instead of owned it.
That was 1992: Taxing Imputed Income from Owner-Occupation.
The basic thrust of the argument is that owner-occupiers derive an income from their property which is not subject to income tax.
This isn’t a tax. It’s confiscation.
How about a tax credit for unrealized capital losses? I’m telling you they want it all, and will leave us what they think we need.
I don’t know any way to beat the system. Does anybody else?
And while we’re at it, let’s bring back the “Undistributed Profits Tax” for corporations. That worked wonders in the 1930s. :-)
This is how you get a nation of serfs.
Let’s see, you pay Taxes on Income Property worth XXX Dollars one Year. The next Year the Real Estate Market collapses.
Do you get the Money you paid the Government last year back?
These people are beyond stupid
They’re dangerous
This is more than stupid. It's outrageous. You pay taxes before you invest your money, and then you are going to be taxed again if your investments pay off? Stocks go up and down, so it is very possible that you would pay tax on unrealized capital gains that then go away and are never ‘realized’.
This is just the same old ‘punish the successful’ and pander to the envious democrat bs. If the government can step in and take what they want from you, what is personal property? How is this a free nation?
“I don’t know any way to beat the system. Does anybody else?”
The American colonists found a way.
My property tax is based on the current estimated value. The Dims just want a general asset tax eventually - real estate, investments, furnishings and clothing, contents of your freezer, humidor, gun vault and liquor cabinet, your bars of silver, your kid’s beany babies....
The system is rigged. They tax 100% if you gain in any one year, but the maximum you can write off in any one year is $3000. I lost $50000 in metals that I sold (medical reasons made me sell) and I can write off only 3000 per year (16 years) and lost 40000 in real estate so it will take me 13 years to write off that. I will be long dead before I can recover the losses. Capital gains is not in lieu of income tax, it is in addition to. There were years that I had an effective rate of over 50% because of it. I propose that we do away with Capital Gains Tax and just do a profit/loss at the end of the year.
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