If I borrow money to give to a seller, then that money isn't mine anymore. Seller has it. And had to pay taxes on the increase over the price he paid. In theory I now have a farm, but if it's value is now gone? And I'm laid off? So they take the land away, and I'm responsible for the loss? Bank still has the land, and in most states that is what they get to take back.
What the IRS doesn't have to understand is a change in value. Just because someone lost value doesn't automatically mean someone else gained anything.
Taxes are a way for govt people to have a paycheck. Hey, heard ya had some money come in. Let me have a piece and maybe we will build a road for you or something, just to make it seem okay.
And it is called a 1099-C. Expires Jan 1, 2011. Signed into law by George W Bush.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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