Will the Harris increase on capital gains tax be based on salary income or total

Capital gains taxes would not be assessed on an inheritance, only on the profit from the sale of an asset that you’ve owned.
If you inherited property the property would not be subject to capital gains only the profit from selling it at a value which is greater than at the time you inherited it.

No if you inherit anything, there are no capital gains, all those are wiped out. So if you inherit a house that was purchased for $100 and now is worth $1 million that $900 thousand in gains disappears. Its called stepped up valuation. The only case you would be taxed is if it is an IRA or 401K that was never taxed

Ahem, dear peasant, the minimum salary you need to be able to post on TUSCL is 350k. I did not make the rules I just comment on them.

Typical TUSCL PL though, making over 350k a year but then flipping out over a $7 valet charge, or actually getting into a fist fight with a stripper over who gets to take the breadsticks home from Olive Garden.

"getting into a fist fight with a stripper over who gets to take the breadsticks home from Olive Garden"

LOL!

The tax isn’t due until you actually sell the property. But do they actually base it off the value when you inherited it, not the value of what it was last bought/sold for? For instance your dad buys a stock for $10, it goes up to $20, he gives it to you while it’s at $20, and you decide to sell it 10 years later and the price is still $20. Do you pay taxes on the gains made from $10 to $20?

$1M is still below the estate tax exemption, even if the sunset happens: https://www.fidelity.com/learning-center…

the base price is the price when you inherit it. Not when it was purchased. They do try to make it up with estate taxes but if the amount is less than 13 million there are no estate taxes.

Far be it from this rick to point out the obvious when y’all are engaging in an erudite discussion of tax policy, but my lion-y common sense compels me to point out that the OP should worry about the whole ejaculating blood thing before he worries about his tax burden.

Remember the demented shit the OP posted about hiring alligator escorts? This lion remembers because it was something he posted yesterday: https://tuscl.net/discussion/86106

Damn right RTL. Whatever your feelings about us damn dirty apes, we gotta pull together and show some mammal solidarity to stop reptiles from breaking into the escort business!

For a $900K inheritance, I would push grandma down the stairs... twice if I had to...

I was going to ask my CPA today, timely, as we are nearing the end of the year.

I did inherit some stock, brokerage, not IRA. Is my ownership price based on the day it was bought or when I inherited it?

If a Stock was bought 2 years ago at $50, I inherited it at a price today at $150 and I sell it, am I taxed as a Long Term Gain for $100 or does it reset to $150 for me as my cost basis?

^ resets at the value the day you inherited it.

BTW, if Harris is elected, taxes are going up across the board. The Trump Tax Cuts are up next year (or 2026) to expire. Dems never saw a tax they didn't like. And while the mantra is "no tax increases on those making $400K or less" is bullshit - it's way more complex than that and all will go up either directly or indirectly. Companies pass on cost of goods sold to end consumers.

The top 1% income earners federal income taxes paid rose from 42% in 2020 to 456% in 2021; this was due to the Trump tax cuts that actually benefited the Middle/Lower Classes more. The top 50% of all taxpayers paid 97.7% of all federal income taxes, while the bottom 50% paid 2.3%. https://taxfoundation.org/data/all/feder…

Reducing Corporate Taxes to 15% for companies that repatriate to the USA will actually increase employment, lower their cost of goods sold unless things like increased energy, wages, inflation cost light-up that have nothing to do with tax rates. Companies that make their stuff offshore will be at 21%. That a pretty big incentive nut for repatriation, just know it takes several years to come back with construction and so on.

@twentyfive - thank you!

When you look at increases in the national debt, #1 cause is recessions, #2 cause is Republican presidents promising tax cuts "for everybody": https://www.macrotrends.net/2496/nationa…

Most of us are merely bleeding money out our cocks…

^Ditto

"When you look at increases in the national debt, #1 cause is recessions, #2 cause is Republican presidents promising tax cuts "for everybody" #3 excessive/deficit spending.

@mogul give us a link to an outline of a non-excessive Federal budget that you endorse. It doesn't say anything to say you are against excessive, as that's just the definition of excessive.

"Inflation Reduction Act" aka Green New Deal $1.8T. This had nothing to do with reducing inflations. "Student Loan Forgiveness" $500B - people took loans for shitty degrees that can't be monetized and now don't want to pay them back, they expect taxpayers to. Gov't should not be involved with student loans.

Dem control of the senate likely means that the evil SALT cap will go away because Schumer hates it (and hence a tax cut for those living in high income states like NJ, MA, NY, CA, CT, etc). Trump has flip-flopped on this issue, and can't be trusted either way. One would expect Harris to be sympathetic to eliminating the SALT cap, but she hasn't shown any inclination to do so.

Of more importance to this board is what will happen to lap dance costs?

If you are under 50 and not overly concerned with the massive debt being accumulated by this country in the last 25 years, you are beyond fucking stupid. 20 years from now, or sooner if foreign countries stop buying treasuries, the entire house of cards called the economy is going to come crashing down and you will see post WW1 Germany's economy when you look in the mirror.

The thing people are not understanding about the "HARRIS" tax increase on cap gains is this... they want it on "Unrealized" gains. IE: if your 401K explodes... you will get taxed on it. EVEN IF YOU DONT DRAW ON IT. Now they are saying it only matters to people with over $100M or what ever the mark is (trust me it will change). Even if you think... HELL i am not in that bracket who cares. Here is the issue. Those in that bracket will be taking money OUT OF THE MARKET before they get the new tax. What will that do to markets and everyone elses investments... MAKE THEM CRASH. When mass amounts of money leaves a market it crashes. That is what will happen. Even though you wont get "taxed" your investment will DROP in value.

Also Skibum is 100% correct. If our Gov doesn't stop spending so much... we are screwed. Why do you think they are trying to find "new ways" to tax everyone. Hence the "unrealized" gains tax.

The other scary thing with Harris/Walz ticket is that they are putting pressure on making "housing affordable" again. Remember last time the government got involved... they put pressure on banks to give out loans.... what happened.... MARKET CRASHED. We are at the bubble again with how high house prices have become. It is great if you own your home outright.... cash in baby. But those who are looking to buy... they are shit out of luck.

I agree that taxing unrealized gains is not going to fly, but what needs to be done is to tax people who borrow against their stocks use that money as income and never pay taxes, yet continue to to use the money generated from those loans as a source of income, thus never paying either income taxes or capital gains tax.
If we’re not careful we’ll end up with a VAT which will be terrible for everyone including lower income people.

That unearned capital gains tax would be the worst economic policy since Herbert Hoover.

Like the AMT, it would start as only affecting the rich but eventually creep on down to include the merely well-off, then the upper middle class, you get the idea.

We would see investment... which comes from the very rich... leave the country so fast it'll blow your hair back on the way out. Entrepreneurship, the lifeblood of the economy, will wither and go to more capital-friendly countries.

Both sides have contributed to the mushrooming debt, but everyone is about to have to pay the piper.

@25 - How much revenue would that generate? (I'm not familiar with that).

"Paying the piper" will come out of Medicare, Medicaid, Social Security, and defense, because that's where the money is. That means cuts and freezes, there just isn't enough revenue to fund single payer, free child care, and the Democratic wish list.

^ I don’t know how much income that would generate, problem is like I described though, they need to find a way to tax those ultra wealthy individuals that use the scheme I described on their income, I agree that unrealized gains shouldn’t be taxed, but those folks have gamed the system where the derive income from appreciating assets, use that income to purchase expensive goods and services yet never pay a penny to the taxman.
A VAT is used in Europe to combat that scheme and is a purely regressive tax, which doesn’t solve the problem either.

@mogul Where did you get $1.8T? Here's a claim it reduced the deficit: https://www.democrats.senate.gov/imo/med… . The name is misleading (it's a grab bag), but reducing the deficit is deflationary. I assume the $500B figure is over 10 years. I suspect it might be a better alternative to just let student debt be cancelled by personal bankruptcy (currently can't be). I personally look at this issue remembering that my college education was more subsidized and cost effective (less administrative bloat). I'd fault both parties for not at least addressing the cost effectiveness. I also remember my high school guidance counselors basically saying that plumbers, electricians etc. were losers who weren't smart enough for college. If they've stopped with that BS, it's only been relatively recently.

^ Biden admitted it was an excuse for more "green" spending. Funny how that works, you call anything "green" and Democrats are all like "Take my money, please!"

@ 25....

well the only way is if the people giving out the loans on that gain stop giving out loans. I mean if banks COLLAPSE because of this...ie shift in the market and they are not making the money to give out those loans.

They need to penalize the banks for loaning money with the asset of PAPER to back it. IE: Stocks. They should make it a tangible asset...ie: property type thing.


But like I was pointing at... the only way for this to stop is that the market needs to crash and banks need to FAIL. Last time the gov bailed out the banks and wall street. So why should they think any different now. That is the problem.

I think I understand the housing thing. If I sell it right away, I shouldn't encounter much if any taxes.
I'm not clear on the estate tax/money part what would happen if I were to inherit a bank account?

PS the bloody ejaculate is starting to go away gradually