yoGo ... there you gO ! .....

The INFLATION... that these dirty rats caused !

Let em EAT CAKE

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

That is why the government likes inflation, they get to tax you for it. That is just how the tax code is written and it is the main reason why the capital gains tax rate was cut to 15%. Assets which have been held a long time should be taxed at a lower rate due to inflation. A lot of people don't fully understand this issue which is why a lot of people want to raise the tax rate on capital gains. People who hold assets for long periods of time can really get screwed with the combination of taxes and inflation. It is one of those things that you have to pay attention to.

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.

LOL...I'll take that under advisement.

When I sold a car a few years back my accountant told me to add up all the expenses incurred restoring, maintaining and owning the vehicle over the 20+ years. Total those up (fortunately my wife's a good record keeper). Subtract that amount from the sales price and that is what would be considered capital gains. Didn't wind up being much and he said showing a bit of profit would kepp the red flags at half mast