Reporting sales of large $$ items

[conor912]

It makes more sense as an ownership tax than an unrealized capital gain tax….like taxes on real estate. You pay them every year even if you own the property outright. If it’s a gain-related tax, that would be a nightmare to track for everyone, including uncle sam.

[darkhorse9]

Originally Posted by conor912

It makes more sense as an ownership tax than an unrealized capital gain tax….like taxes on real estate. You pay them every year even if you own the property outright. If it’s a gain-related tax, that would be a nightmare to track for everyone, including uncle sam.

Property taxes go up (or down) depending on what they are paid for. Things like schools, roads, sanitation. etc. The property owner gets value in return.

ownership tax would just be a general fund collection with no return value to the owner. Same with the unrealized capital gains tax

[BobC]

Originally Posted by darkhorse9

Property taxes go up (or down) depending on what they are paid for. Things like schools, roads, sanitation. etc. The property owner gets value in return.

ownership tax would just be a general fund collection with no return value to the owner. Same with the unrealized capital gains tax

For federal purposes it would likely go into the general tax revenue fund, which supposedly benefits all of us.

[BobC]

Originally Posted by conor912

It makes more sense as an ownership tax than an unrealized capital gain tax….like taxes on real estate. You pay them every year even if you own the property outright. If it’s a gain-related tax, that would be a nightmare to track for everyone, including uncle sam.

Which is a big part of the reason they may likely not do it.

[philliesfan]

After reading all of this mumble jumble I don't understand.......I think I will just give everything away........UGH!
Bob