That’s just bass-ackwards…and you know it.Yep
And for unrealized gains taxes, the system can work exactly the same way.
You pay the unrealized gain, then when you sell, you have a new basis cost and pay LESS tax than you would have.
That’s just bass-ackwards…and you know it.Yep
And for unrealized gains taxes, the system can work exactly the same way.
You pay the unrealized gain, then when you sell, you have a new basis cost and pay LESS tax than you would have.
It’s semantics…there is certainly “unrealized appreciation” in 401k’s and Kamala’s administration will be looking to tax that for all their spending plans.There are no "unrealized gains" on 401Ks. They are only taxed when they are withdrawn and that is as ordinary income. Because the income that contributes to them was not taxed originally.
You should really sit these things out.
It's not. That's like saying "capital gains" is semantically equivalent to "wages and earnings".It’s semantics…there is certainly “unrealized appreciation” in 401k’s and Kamala’s administration will be looking to tax that for all their spending plans.
Ha, ha. County assessor, lol. Only off by 500% when I actually sold the lot. LOL...It gets appraised regularly for property taxes. SMFH.
Ha ha. That's not the point. LOL.Ha, ha. County assessor, lol. Only off by 500% when I actually sold the lot. LOL...
If you don’t sell it, what are you going to value it at? You have to be drinking or something.Uh...the valuations are set from the original cost basis.
You know, the basis that would be used if they were sold, for tax purposes. How things have worked for many many decades.
Pretty sure they aren't looking at assets that have been held for "just one year".So I buy a lot for a future home this year for say 100K. This time next year who decides what it's worth? County tax assessor? My CPA? If inflation is 7% do I have a 7K gain or have I just kept pace with inflation and have actually gained nothing in terms of real value? We'll need a whole cottage industry of appraisers or government employees to tackle this crazy policy...
That's "basic logic"That’s just bass-ackwards…and you know it.
Most of these assets are tradeable stocks, etc.If you don’t sell it, what are you going to value it at? You have to be drinking or something.
I didn't say they were. They have to be valued every year correct? What's my '64 Sting Ray worth that I gave 11K for 25 years ago? A camper/boat that drops in value becomes a tax deduction I assume. Seems like a bad idea on paper and even worse to implement in the real world....Pretty sure they aren't looking at assets that have been held for "just one year".
You could probably read up on what actually qualifies, if you wanted to have a serious discussion on the topic.
No, Joe I didn't. I pay taxes every year, so the asset needs to be valued every year is what I said. I held the asset in question for 13 years but it was valued every year by the tax man, capisce?Uh, yeah. Actually, you did.
Yes, you did.No, Joe I didn't.