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I’m never a fan of any form of capital gains tax. When I earn money I’m liable for tax, but what if I lose money? I’d be responsible for the whole amount loss.
by charlieyu1 4y ago
I’m never a fan of any form of capital gains tax. When I earn money I’m liable for tax, but what if I lose money? I’d be responsible for the whole amount loss.
- Our_Benefactors 4y agoYou can claim capital losses a tax deduction up to $3000 per year and it carries over to subsequent years. So this isn’t entirely true.
- leoqa 4y agoDoes that imply an effective limit of $150k or so? I've definitely had capital gains tax higher than that.
- medvezhenok 4y agoI believe that it's 3000 per year to offset other income (i.e. labor income). You can use capital losses to offset other capital gains without limit.
- JamesianP 4y agoAnd either way it's only not taxing you for money you didn't get. They never share your pain in the same sense that they share your success.
- bombcar 4y agoYou cannot claim capital loss on a house sale.
- dtgriscom 4y agoRich people have assets which sit there and appreciate, and when they sell them they usually get more cash out that they put in. I strongly believe that those capital gains should be taxed. Yes: if you invest in something the value can go down, but I don't think the government should compensate you for that. You should just be careful where you invest your money.