Quote:
Originally Posted by freebeard
You have your unrealized capital gains and unrealized capital loses. If you tax the one and don't reimburse the other, it creates a downward spiral.
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For my 2023 Income tax, on Form 1040, under the section on 'INCOME', line -7: there is a 'Capital gain or (loss ) provision a CPA would report to the IRS, based on a 'Schedule D' document, perhaps provided by a certified financial advisor (fiduciary), like Royal Bank of Canada ( RBC ), Denver, Colorado.
Somehow, they could 'freeze' your investment portfolio for the fiscal year, know the 'value' of a specific asset, and, based on the current Federal Tax Code, know what numbers were appropriate to list, so as to know how to properly signal 'where you were' within the investment universe.
You'd pay them 1.25% of your portfolio for their expertise, without which you'd be 'screwed' if you tried to navigate each fiscal year on your own.
Under each year's tax code, and under the uniform standards of accounting, the experts would know exactly what to do, and stand shoulder-to-shoulder with you, should you be audited.