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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: manalagi who wrote (62030)	3/24/2006 4:39:57 PM
From: ChanceIs	Respond to of 206099

>>>That's a good idea. I am wondering if I can do that with electronic filing.<<< I can't help you there. I do scream at my congressman to get rid of capital gains reporting and just have a "net" tracking on an account. IOW - any cash you put in is after tax. Then what comes out can be taxed on a "LIFO" (last in first out) basis. Let's say you put in $100,000, and take out $10,000 after a year. If the account is worth $110,000. That entire withdraw will be viewed as taxable. The account is worth $105,000 - then $5K taxable, $5K your money. Account worth $90K, then its all your money anyway - no tax. Account worth $120K - then $10K taxable, and $10K taxable at a future date when you withdraw it. Simple. Three numbers to report to IRS: 1) net deposits/withdraws for the tax year, 2) post tax dollars in the account, and 3) account value at end of year. No long term/short term....wash sales...qualified dividends...unqualified dividends..... Life would be easy. The IRS couldn't argue that it would reduce federal revenue either. When you have 80% pf Americans taking equity out of their houses to go to Wal-Mart, they would obviously take earnings out of a trading account twice as readily - no hassle with the home equity loan, etc. I continue to file paper out of spite, and will continue to do so until they beg me to stop. I don't trust the IRS anyhow. They have lost lots of my filings. I certify mail with return receipt EVERYTHING.