minus-squaredecerian@lemmy.worldtoNews@lemmy.world•The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Taxlinkfedilinkarrow-up8·11 months ago What is this garbage? If I own a house/gold/collectable/toilet paper during covid/… and the value goes up, am I supposed to pay taxes? Yes, you are supposed to pay taxes on that (or on the house specifically). It’s called property taxes. If the value goes up, you pay more taxes the next year, if the value goes down you pay less. linkfedilink
Yes, you are supposed to pay taxes on that (or on the house specifically). It’s called property taxes.
If the value goes up, you pay more taxes the next year, if the value goes down you pay less.