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Exempt from Capital Gains?
Sure doens't sound like it.
In order to educate taxpayers about their filing obligations, this fact sheet, the twelfth in a series, provides information with regard to capital gains reporting. Incorrect reporting of capital gains accounts for part of an estimated $345 billion per year in unpaid taxes, according to Internal Revenue Service estimates.
Almost everything you own and use for personal purposes, pleasure, business or investment is a capital asset, including:
Your home
Household furnishings
Stocks or bonds
Coin or stamp collections
Gems and jewelry
Gold, silver or any other metal, and
Business property
Reporting Capital Gains (http://www.irs.gov/newsroom/article/0,,id=170634,00.html - broken link)
Anybody who thought the recession would magically end by the end of 2009 raise your hand.
All of you who raised their hands can walk into the sea now. You're too stupid to live.
President Obama never promised a quick end to the recession. He said it would be a long and painful haul, and he was right. I, for one, am glad to hear good news.
Haaaa!!! LOL!!!
Still, I hope the 'good news' really is. I really need a job.
Didn't read it, but I'm sure the thesis is related to the Dow's 80% fall since its peak, measured in gold. Am I correct?
Yip. and it has a long way to go before it heads the other direction. Well maybe. 90% off of the peak is normal also dropping below the starting point is as well. So it should be a safe bet to get a 100% return from where it is now and the possibility is there to get a 10 fold return. From where it is now. But it is a lot closer to the bottom than the top. Now would be a reasonably safe time to cash out of gold if you had it. Well except for the possibility of hyper inflation.
I expect the economy will have a noticeable recovery under way this summer. That will aid the Democrats capture more Republican seats in Congress. By the Fall of 2012 the economy should be strong enough to reelect President Obama and even more Democrats to Congress.
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