No matter what I said prior, did not matter. It was Joes Treasury Secretary's statement about taxing unrealized capital gains. Only crazy people actually say things like this, whether or not it happens. He got that. Then I showed him a picture of the health secretary, and he just looked and said.... maybe I should have listened to you (fake chuckle).
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Can somebody explain it like I’m AOC? What does it mean to tax “unrealized capital gains”?
You owe taxes on an investment when the value goes up, even before you sell the investment and realize an actual profit.
So, if I have $50 in Tesla stock and it goes up to $100 overnight, I owe money on that before I even get a chance to sell and make real money? What happens if the stock depreciates again? Am I just SOL?
yes, unless they let you also deduct unrealized losses.