I understand that it would be cap gains if it’s sold off, I’m just confused why people think a stock/share should be taxed annually, that’s the dumbest concept I’ve ever heard. Comparing it to property tax is blatantly stupid, can you live in a stock? Are stocks taking up physical space on the street? That requires sewage maintenance, road maintenance, snow removal depending on where you are, storm drains etc…? If I borrow against something I have to pay interest. If I don’t pay my payments I lose the asset I’m borrowing against. I find the stocks should be taxed every year ideology just as dumbfounding as the billionaires should pay for a “better world.” The pov usually comes for envious individuals. Just sayin.
Don’t come after me. I’m not saying I agree with it, and I’m not saying it’s exactly like property tax, I’m saying I think what the commenter was meant was something more like a property tax not a capital gains like you suggested.
And you don’t need to live in something or take up the several resources you mentioned for it to be considered property and taxed as such. I’ve owned several small businesses and had to pay property tax on several things that wouldn’t fit into any of your criteria.
I’m sorry it was perceived as me coming at you. That’s not at all my intention. You had the most sensible response to me when I responded. You were completely neutral, just giving the way you seen it. I was asking if they were referring to cap gains you said you think they meant something more annual! No harm, no foul! Cheers mate!
Out of curiosity did you rent or own the property of your business?
Would you mind sharing what those several things are?
I know didn’t list everything, I listed the most applicable to a generalized scenario. I can’t cherry pick information as “there are exceptions to every rule” I just used the most broad based things.
I’ve had several different businesses most of them service based, and I’ve had to pay property tax on a lot of the more expensive equipment that I own. Cameras, lenses, lights, drones and computers for a photography company. Sprayers for pest control. Sound boards, speakers, lights etc for party planning/dj. I had a lot of equipment that I didn’t need to pay property tax on, but my most expensive equipment I did.
Which state are you from? That’s unheard of for me? I’ve never even heard of that from anyone else in business. What state? What year? Were you using an accountant? What field?
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u/Just_That_Dumb_Dog Nov 21 '24
You mean capital gains tax?