When price of an asset goes up because value of USD goes down, do I have to declare a taxable “profit” when I sell my asset for more USD than my basis, despite the purchasing power of the USD proceeds being less than at the time the asset was acquired?
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Why? Bank interest is taxable. Inflation isn't deductible elsewhere. Why should capital assets get preferred treatment?
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Since inflation adds depreciation of value in terms of goods/assets priced in USD, can't we use it as a deduction, even in case of a taxable event?
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