Originally Posted by Stanton
Quote
that's inflation


WRONG ... that's "appreciation". And yes, you pay tax on it.

I get it that's the way it's in the tax code but I think there should be(not is) an adjustment to not pay on inflation. In my example that is inflation, now if my example was a Hemi Cuda selling for a million bucks then that's appreciation. Either way we will never change it and keep on paying taxes on money we already paid taxes on.

Future simplified tax form: line 1: How much did you make? Line 2: send it in.

In theory, there is no difference between theory and practice. In practice, there is.