Reward for lost Kraken!
Join Date: Apr 2006
Thanked 141 Times in 138 Posts
Rep Power: 11
As cpaul says, the valuation now is based entirely and only on what it sold for. The IRS changed the rules and cracked down on abuse bigtime about 5 years ago.
Write this down someplace, or have it graven on the keel timbers: Those tax men may be slow--but they ain't stupid. Eventually they DO catch up with everything, so you'd better have paperwork proving your story, no matter what it is. Or, make Real Damn Sure there's a totally zero paper trail if you don't want them to prove your story. (Which doesn't always help, under US tax law, they're allowed to impute against you, and you have to prove you aren't guilty. Comrade.)
" as I got in my truck, I chatted with Frank, " Well there, you see? Your neighbor is going to be helping the ski industry, which in these daysof global warming really needs to make a buck while they still can. By the way--did you ask Frank if he pays referral fees?