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Re: "Income" from car sale taxed ?
[Re: GomangoCuda]
#2997301
12/21/21 01:45 PM
12/21/21 01:45 PM
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Joined: Jul 2008
Posts: 30,632 Florida STAYcation
IcorkSOAK
Financed his waterbed
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Financed his waterbed
Joined: Jul 2008
Posts: 30,632
Florida STAYcation
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yoGo ... there you gO ! ..... The INFLATION... that these dirty rats caused ! Let em EAT CAKE
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Re: "Income" from car sale taxed ?
[Re: GomangoCuda]
#2997311
12/21/21 02:07 PM
12/21/21 02:07 PM
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Joined: Jan 2003
Posts: 31,203 Oregon
AndyF
I Win
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I Win
Joined: Jan 2003
Posts: 31,203
Oregon
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One thing I don't get. Let's say I bought a car 50 years ago for $3000 and sell it today for $30,000. That's not profit, that's inflation. Gasoline and many other things costs at least 10 times what they cost 50 years ago. Why should I have to pay income tax on inflation? The new owner of the mythical car above is already paying state sales tax on it and now they want me to pay income tax on the inflation as well. 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.
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Re: "Income" from car sale taxed ?
[Re: Stanton]
#2997318
12/21/21 02:30 PM
12/21/21 02:30 PM
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Joined: Jan 2003
Posts: 4,807 Moved to N.E. Tennessee
GomangoCuda
master
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master
Joined: Jan 2003
Posts: 4,807
Moved to N.E. Tennessee
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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.
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Re: "Income" from car sale taxed ?
[Re: Stanton]
#2997319
12/21/21 02:37 PM
12/21/21 02:37 PM
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Joined: Feb 2007
Posts: 5,614 Michigan
oldjonny
Don't argue with me.
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Don't argue with me.
Joined: Feb 2007
Posts: 5,614
Michigan
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WRONG ... that's "appreciation". And yes, you pay tax on it. LOL...I'll take that under advisement.
Never, ever argue with an IDIOT. They will drag you to their level and then beat you with their years of experience
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