Inflation May Render Profit 'Imaginary,' but the IRS Wants Its Share

Publish Date: 12-28-2007 09:00 PM -0800

Q I am a 90-year-old widower. I will have to sell my house when I am no longer able to drive. My question concerns the possible tax on my profit. I may get double my cost of 20 years ago, but the dollars have lost half of their purchasing power, so there may be no gain at all. I call this "imaginary...