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General Asylum General audio topics that don't fit into specific categories. |
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General Asylum General audio topics that don't fit into specific categories. |
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In Reply to: Nope, capital gains tax is NOT double taxation... posted by Ivan303 on May 1, 2021 at 08:08:41:
Are you sure ?
If the item was purchased from a retailer, then tax was likely paid at the point of sale. Now another tax may be due at the point of re-sale. Looks like the person would be taxed twice.
In the present, any purchase made through an online or virtual portal will incur tax at the point of sale EVEN IF THE ITEM IS USED.
So again, the purchase likely incurred a tax to the buyer.
As to the example, it is likely that a loss can be declared. Purchase for $2k...sell for $1k after 5yrs. Useful life is likely 20yrs. To make it simple, assume 20yr depreciation; or 5% per year.
5% x 5yr = 25%. $2000 - 25% = $1500, which becomes the cost basis at sale.
$1500 - $1000 = $500 potential loss.
Taxes rates do not have to go up for the average person to pay more in taxes. My opinion is if we have to have taxes, make sure that loopholes are eliminated. If we increase the collection rate, then we can support lower aggregate tax rates. Result is a benefit for most, and fairness for all.
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Follow Ups
- RE: Nope, capital gains tax is NOT double taxation... - Ross 05/1/2109:52:45 05/1/21 (8)
- YES- I am aware of the distinctions BUT--- - Ross 06:17:55 05/2/21 (4)
- RE: YES- I am aware of the distinctions BUT--- - Kal Rubinson 08:51:09 05/2/21 (3)
- Semanticly correct BUT - Ross 14:59:42 05/2/21 (2)
- You say that you understand but that you don't care. (NT) - Kal Rubinson 19:06:09 05/2/21 (0)
- RE: Semanticly correct BUT - rivervalley817 15:32:42 05/2/21 (0)
- RE: Nope, capital gains tax is NOT double taxation... - alan m. kafton 12:29:21 05/1/21 (0)
- RE: Nope, capital gains tax is NOT double taxation... - rivervalley817 10:31:27 05/1/21 (0)
- You are confusing two differing taxes... - Ivan303 10:25:41 05/1/21 (0)
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