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Remember that time the government thought it would be a good idea to tax unrealized gains?
Posted on 10/4/22 at 10:48 am
Posted on 10/4/22 at 10:48 am
Looking forward to my big refund check next year.
7
Posted on 10/4/22 at 10:56 am to rickgrimes
What are you talking about?
Posted on 10/4/22 at 11:01 am to rickgrimes
Now they can tax these unrealized losses we all have and we can get a huge tax break!
Posted on 10/4/22 at 11:44 am to AlaskaAg
quote:If you're unaware, Democrats were shopping this idea of taxing "paper" gains of those whose stocks appreciate in value due to increase in stock price. They would never say anything about giving a tax credit when those same "paper" figures were losses due to the stock price going down.
What are you talking about?
If it's not obvious, the above proposal is ludicrous. Insanely stupid. Yet our Democrat "leaders" (and they're not leaders, they're representatives) think this is a good idea. Idiots.
Posted on 10/4/22 at 12:00 pm to rickgrimes
The bullshite part of it is I can lock in 100k of losses and only get to deduct 3k per year. I can make 100k of gains but have to pay that shite immediately.
Posted on 10/4/22 at 12:06 pm to RoyalWe
No I know about that proposal…I guess the fact that it never went through combined with your comment just confused me a little.
Also, I think that whole proposal was election year politics. There is no way that has a chance of passing in either body even before this upcoming election. This is all just setting the stage for a narrative later about how “the rich are ruining America” even though it was the most idiotic proposal in the history of free market economics….imho.
Also, I think that whole proposal was election year politics. There is no way that has a chance of passing in either body even before this upcoming election. This is all just setting the stage for a narrative later about how “the rich are ruining America” even though it was the most idiotic proposal in the history of free market economics….imho.
Posted on 10/4/22 at 12:35 pm to AlaskaAg
Fauxcahontas
Posted on 10/4/22 at 12:44 pm to Triple Bogey
quote:
The bullshite part of it is I can lock in 100k of losses and only get to deduct 3k per year. I can make 100k of gains but have to pay that shite immediately.
Except once you have those $100k gains you can offset it with that $100k of losses. It can only offset $3k of earned income and it carries forward so whenever you eventually have those capital gains it will be offset.
Posted on 10/4/22 at 1:22 pm to bod312
quote:
Except once you have those $100k gains you can offset it with that $100k of losses. It can only offset $3k of earned income and it carries forward so whenever you eventually have those capital gains it will be offset.
Yeah, but that's under the assumption that you could ever be able to make the 100k in cap gains again. If you were caught in the mania of last year, some of those high growth-low/no profit companies/SPACs are down 90%. No chance all of those are coming back. You've essentially blown your account up with no way to recoup the loss.
ETA: Just to clarify, I'm not in any of those but know a lot of people who got destroyed. I took my 5k hit on SOFI and moved on.
This post was edited on 10/4/22 at 1:24 pm
Posted on 10/4/22 at 1:44 pm to RoyalWe
The idea of reguarly taxing unrealized gains is dead on arrival and always has been.
THe idea of taxing unrealized capital gains upon transfer (gift or death) and the idea of a 21 year or 30 year "deemed realization" period for trusts, though, is still very much being discussed.
It's a horible idea. Gains should not be taxed until they are converted to cash.
THe idea of taxing unrealized capital gains upon transfer (gift or death) and the idea of a 21 year or 30 year "deemed realization" period for trusts, though, is still very much being discussed.
It's a horible idea. Gains should not be taxed until they are converted to cash.
Posted on 10/4/22 at 2:20 pm to Triple Bogey
Capital losses can be used to offset current capital gains or carried forward to offset future capital gains. The 3k limitation is the amount of excess capital losses can be used to offset ordinary income.
You book 100K losses this year, you can deduct 3k against income this year and offset 97k of capital gains in future years.
You book 100K losses this year, you can deduct 3k against income this year and offset 97k of capital gains in future years.
Posted on 10/4/22 at 2:24 pm to LSUFanHouston
Fact: politicians can’t stand it when you have money that you aren’t spending. Drives them nuts. They are an instant gratification crowd and will find as many ways as possible to tax money regardless of where it came from or what it’s doing.
Posted on 10/4/22 at 3:34 pm to rickgrimes
Yeah until they limit your losses in a way where you pay when you’re up but don’t get Jack shite when you’re down.
Posted on 10/4/22 at 6:36 pm to rickgrimes
Taxing income real or imagined is modern day slavery.
Posted on 10/4/22 at 8:15 pm to rickgrimes
We all know it’s one of the dumbest proposals of all time but that money to send to Ukraine ain’t gunna print itself !
Posted on 10/4/22 at 8:31 pm to rickgrimes
Remember the time when Democrats wanted to let people elect to take their Social Security benefits and invest the funds themselves in the stock market? It was a few years before the 2008 crash.
Democrats only think in real time, they have no comprehension of the past or future possibilities.
Remember the time when Democrats wanted to mandate Ubonics into the schools in lieu of English? Requiring proper English in schools was not fair.
Remember the time Democrats thought everyone should be able to buy a house no matter if they had bad credit and no money to pay a mortgage? Its true and they mandated it ... it led to the 2008 crash.
Democrats only think in real time, they have no comprehension of the past or future possibilities.
Remember the time when Democrats wanted to mandate Ubonics into the schools in lieu of English? Requiring proper English in schools was not fair.
Remember the time Democrats thought everyone should be able to buy a house no matter if they had bad credit and no money to pay a mortgage? Its true and they mandated it ... it led to the 2008 crash.
This post was edited on 10/4/22 at 8:35 pm
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