(04-02-2025, 02:02 PM)mikesez Wrote:

(04-02-2025, 12:50 PM)Sneakers Wrote: The problem is that you're tossing around the "subject to capital gains tax" phrase, while having no understanding of what is considered a capital asset for tax purposes.  Almost everything you own is subject to tax if you sell it for a gain.  Also, drop the "today" reference and refer to transaction date.


LOL.  Big violation of banking law there.  For the nth time, do a little research first if you don't want to sound completely clueless.

Those are all red herrings, you are reading my stuff and looking for excuses to decide that I am ignorant so that you can disregard me.

I have paid capital gains tax every year of my adult life. For most of those years I did my own taxes and my wife's taxes.

The reason I'm not including the details you mentioned is because the proposal is really really simple.  All I'm saying is that the event of originating a loan should be treated as a realization of gain (or loss) for tax purposes for any asset used as collateral. If the transaction date occurred a year or less from the original purchase date, then it would be subject to the short-term rate. If the transaction date was more than a year after the original purchase, it would be subject to the long-term rate.

Hey, you're the one providing the raw material.

This is what you said in the beginning, then you modified the definition.  Are you back to any asset now?

Here's a scenario for you.  I buy car for 100k and a few years later, it appraises for 50k.  I take out a loan for 40k, using the car as collateral.  What is the refund on my loss?

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