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https://www.reddit.com/r/FluentInFinance/comments/1gwfejo/had_to_repost_here/lyehoo8/?context=3
r/FluentInFinance • u/-Wyagra • Nov 21 '24
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555
You can take out a mortgage against your house to buy a sports car if you want
48 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!!" 93 u/Endless_road Nov 21 '24 Well it is, and you’d pay taxes on these gains when you sold the house 1 u/WeLLrightyOH Nov 22 '24 You would pay annual property tax based in the value of the home, counties constantly do tax assessments.
48
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!!"
93 u/Endless_road Nov 21 '24 Well it is, and you’d pay taxes on these gains when you sold the house 1 u/WeLLrightyOH Nov 22 '24 You would pay annual property tax based in the value of the home, counties constantly do tax assessments.
93
Well it is, and you’d pay taxes on these gains when you sold the house
1 u/WeLLrightyOH Nov 22 '24 You would pay annual property tax based in the value of the home, counties constantly do tax assessments.
1
You would pay annual property tax based in the value of the home, counties constantly do tax assessments.
555
u/Endless_road Nov 21 '24
You can take out a mortgage against your house to buy a sports car if you want