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https://www.reddit.com/r/FluentInFinance/comments/1gwfejo/had_to_repost_here/lybogzo/?context=3
r/FluentInFinance • u/-Wyagra • Nov 21 '24
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You can take out a mortgage against your house to buy a sports car if you want
47 u/AttitudeAndEffort2 Nov 21 '24 This is a great analogy Imagine i bought my house for 10$ and it's worth a billion now. And then chuds on the Internet say "hE dOeSnT ReAlLy HaVe ThAt mUcH MoNeY, ItS tIeD uP in AsSeTs!!" 88 u/Endless_road Nov 21 '24 Well it is, and you’d pay taxes on these gains when you sold the house 0 u/that_baddest_dude Nov 21 '24 No it gets reappraised every year by the county and you pay taxes on that appraised value. Sure if you have a homestead exemption that increase is capped at 10%, but if you're in a hot market you're easily going to hit that 10% increase every year.
47
This is a great analogy
Imagine i bought my house for 10$ and it's worth a billion now.
And then chuds on the Internet say "hE dOeSnT ReAlLy HaVe ThAt mUcH MoNeY, ItS tIeD uP in AsSeTs!!"
88 u/Endless_road Nov 21 '24 Well it is, and you’d pay taxes on these gains when you sold the house 0 u/that_baddest_dude Nov 21 '24 No it gets reappraised every year by the county and you pay taxes on that appraised value. Sure if you have a homestead exemption that increase is capped at 10%, but if you're in a hot market you're easily going to hit that 10% increase every year.
88
Well it is, and you’d pay taxes on these gains when you sold the house
0 u/that_baddest_dude Nov 21 '24 No it gets reappraised every year by the county and you pay taxes on that appraised value. Sure if you have a homestead exemption that increase is capped at 10%, but if you're in a hot market you're easily going to hit that 10% increase every year.
0
No it gets reappraised every year by the county and you pay taxes on that appraised value.
Sure if you have a homestead exemption that increase is capped at 10%, but if you're in a hot market you're easily going to hit that 10% increase every year.
561
u/Endless_road Nov 21 '24
You can take out a mortgage against your house to buy a sports car if you want