Tax on unrealized gains

[RonLiv]

Let's all hope this new tax legislation does not pass. Biden and the Democrats have proposed a new tax on unrealized gains. So if you buy something, and it increases in value over time, you pay a tax on that gain. This will includes collectibles. This is different from capital gains tax where you buy something then sell it at a profit. You are taxed in this case whether or not you sell the item. The IRS has oversight regarding the value. Our cars will have to be reported on the tax return as a collectible. I'm not certain exactly how it will work, if you buy a clunker for a couple K, fix it up, now it's worth $100K. You owe on the gain without deducting the expense of doing so.

Make sure you get out there and vote.

I'm paying $5.40 for 93 now. I don't go anywhere but to work and places necessary. I thought I was getting close to retirement, but that's on hold. I can't imagine living off investments that have all tanked and SS which wouldn't even fill my gas tank, or pay my electric bill for that matter. My new retirement plan is playing the lottery.

Sorry for the rant, back to my rice crispies.

 

[69hemibeep]

If I sell my car today for x with a wire transfer to my bank, the bank reports a transfer of over 10k to the IRS. I believe I have to claim it less purchase and restoration cost to the IRS already

 

[RonLiv]

If I sell my car today for x with a wire transfer to my bank, the bank reports a transfer of over 10k to the IRS. I believe I have to claim it less purchase and restoration cost to the IRS already

Yes, that is capital gain. This new law states you pay the tax if you sell your car or not.

 

[Roadcuda]

I did a search and found these articles. If I read it right we don't have much to worry about.

Democrats have proposed a new tax on unrealized gains. - Google Search

 

[Russ69Runner]

Don't doubt it they are trying to kill the average American and have us all ride bicycles and live in a commune like in the communist countries. Make you buy an electric car that you can't drive very far without a charge. Don't know if any one even knows how to work on them or how to fix something if it breaks. LOL. They now term a gas engine car as an ICE car. Look out when they start to class our vehicles with letter's. Why aren't we marching on Washington DC. Hope everyone that voted for these Idiot's are happy now. Can't afford fuel for the car or truck. Can't find cheap food or if there is even any on the shelf. Everything is tied to fuel as we all know but our leaders in the white house just don't get it. Oh, I forgot they get everything free!!!!!!

 

[ACME A12]

I moved this thread into the Political Forum for seemingly obvious reasons...

 

[Russ69Runner]

Thanks ACME A12.

 

[1968 man]

We didn’t have a baby formula shortage until men started having babies.

 

[MoparDan]

Let's all hope this new tax legislation does not pass. Biden and the Democrats have proposed a new tax on unrealized gains. So if you buy something, and it increases in value over time, you pay a tax on that gain. This will includes collectibles. This is different from capital gains tax where you buy something then sell it at a profit. You are taxed in this case whether or not you sell the item. The IRS has oversight regarding the value. Our cars will have to be reported on the tax return as a collectible. I'm not certain exactly how it will work, if you buy a clunker for a couple K, fix it up, now it's worth $100K. You owe on the gain without deducting the expense of doing so.

Make sure you get out there and vote.

I'm paying $5.40 for 93 now. I don't go anywhere but to work and places necessary. I thought I was getting close to retirement, but that's on hold. I can't imagine living off investments that have all tanked and SS which wouldn't even fill my gas tank, or pay my electric bill for that matter. My new retirement plan is playing the lottery.

Sorry for the rant, back to my rice crispies.

Now it starts

 

[Russ Hood]

I own a small business. The IRS is coming after all small business owners. I believe the end game of the Democrat party is to put us out of business because we are a threat to their goal of being a dictatorship.

 

[MoparDan]

I own a small business. The IRS is coming after all small business owners. I believe the end game of the Democrat party is to put us out of business because we are a threat to their goal of being a dictatorship.

I own a small business. The IRS is coming after all small business owners. I believe the end game of the Democrat party is to put us out of business because we are a threat to their goal of being a dictatorship.

You are not wrong. I believe that the abject failure in the white house and his feckless administration want to bleed the whole country dry. They need all of our money to fund the billions of dollars of socialist programs they have just enacted. Anyone who believes that the inflation reduction act has anything to do with inflation is a deluded moron, or a democRAT. They have to have money so they can forgive student loans. (There is no forgiving, they are taking the loans from these whining morons and butting it on the backs of all tax payers) This is the perfect example of how socialism starts. We need to all get out and vote in November like our lives depend on it, because it does. The evil empire must be stopped.

 

[Russ Hood]

You are not wrong. I believe that the abject failure in the white house and his feckless administration want to bleed the whole country dry. They need all of our money to fund the billions of dollars of socialist programs they have just enacted. Anyone who believes that the inflation reduction act has anything to do with inflation is a deluded moron, or a democRAT. They have to have money so they can forgive student loans. (There is no forgiving, they are taking the loans from these whining morons and butting it on the backs of all tax payers) This is the perfect example of how socialism starts. We need to all get out and vote in November like our lives depend on it, because it does. The evil empire must be stopped.

View attachment 36648

Amen ^^^^^

 

[MoparDan]

Amen ^^^^^

Yup