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Re: GOLD [Re: Marty] #8216237
09/15/24 02:07 PM
09/15/24 02:07 PM
Joined: Nov 2012
midland, michigan
M
midlander Offline
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midlander  Offline
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M

Joined: Nov 2012
midland, michigan
Oh, so now your implying a home is not even an asset...? crazy

Re: GOLD [Re: Marty] #8216254
09/15/24 02:37 PM
09/15/24 02:37 PM
Joined: May 2010
MN
S
Steven 49er Offline
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Steven 49er  Offline
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Joined: May 2010
MN
A home is an asset, it sucks as n investment unless you don't maintain it, pay insurance, taxes and interest.


"Gold is money, everything else is just credit" JP Morgan
Re: GOLD [Re: midlander] #8216255
09/15/24 02:38 PM
09/15/24 02:38 PM
Joined: Mar 2023
WI
WI Outdoors Offline
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WI Outdoors  Offline
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Joined: Mar 2023
WI
Originally Posted by midlander
Oh, so now your implying a home is not even an asset...? crazy

Anything that cost you money isn't an asset. It's a liability. Unless you're renting your house, it's a liability.

Re: GOLD [Re: midlander] #8216258
09/15/24 02:40 PM
09/15/24 02:40 PM
Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Blaine County Offline
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Blaine County  Offline
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Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Originally Posted by midlander
Oh, so now your implying a home is not even an asset...? crazy


He did but save your energy. Getting PF straightened out on financial, political or any subject is almost as futile as trying to convince Marty that he does NOT actually have a woman or women. Or ever had--internet sites don't count.

No offense PF but you're not exactly open minded......a house is an asset. Financial fact.

Re: GOLD [Re: WI Outdoors] #8216259
09/15/24 02:41 PM
09/15/24 02:41 PM
Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Blaine County Offline
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Blaine County  Offline
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Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Originally Posted by WI Outdoors
Originally Posted by midlander
Oh, so now your implying a home is not even an asset...? crazy

Anything that cost you money isn't an asset. It's a liability. Unless you're renting your house, it's a liability.


Wrong.

Re: GOLD [Re: Marty] #8216261
09/15/24 02:45 PM
09/15/24 02:45 PM
Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Blaine County Offline
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Blaine County  Offline
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Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Is my tractor an asset? I have to maintain it. I have to put fuel in it. If I didn't own it, I would have to pay someone else to use their tractor.

The answer is YES. Asset.

Re: GOLD [Re: Marty] #8216262
09/15/24 02:45 PM
09/15/24 02:45 PM
Joined: Mar 2023
WI
WI Outdoors Offline
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WI Outdoors  Offline
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Joined: Mar 2023
WI
B.c. please explain.

Re: GOLD [Re: Blaine County] #8216263
09/15/24 02:46 PM
09/15/24 02:46 PM
Joined: Mar 2023
WI
WI Outdoors Offline
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Joined: Mar 2023
WI
Originally Posted by Blaine County
Is my tractor an asset? I have to maintain it. I have to put fuel in it. If I didn't own it, I would have to pay someone else to use their tractor.

The answer is YES. Asset.

What does it produce?

Re: GOLD [Re: Marty] #8216264
09/15/24 02:46 PM
09/15/24 02:46 PM
Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Blaine County Offline
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Blaine County  Offline
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Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
See above tractor example.

Re: GOLD [Re: Blaine County] #8216266
09/15/24 02:49 PM
09/15/24 02:49 PM
Joined: Mar 2023
WI
WI Outdoors Offline
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WI Outdoors  Offline
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Joined: Mar 2023
WI
Originally Posted by Blaine County
See above tractor example.

Why is a home an asset? What does your tractor produce?

Re: GOLD [Re: WI Outdoors] #8216267
09/15/24 02:52 PM
09/15/24 02:52 PM
Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Blaine County Offline
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Blaine County  Offline
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Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Originally Posted by WI Outdoors
Originally Posted by Blaine County
Is my tractor an asset? I have to maintain it. I have to put fuel in it. If I didn't own it, I would have to pay someone else to use their tractor.

The answer is YES. Asset.

What does it produce?


Wheat and hay, but that's not the issue. I own it. It has value. It's asset value exceeds it's liabilities (costs). Bonus that I can generate income--hopefully. If it merely sat in my barn it would still be an asset.

A home provides you shelter, but that too us irrelevant. If it sat empty, it is still an asset.

Re: GOLD [Re: Marty] #8216268
09/15/24 02:54 PM
09/15/24 02:54 PM
Joined: Mar 2007
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

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Joined: Mar 2007
McGrath, AK
Both the house and the tractor have value because they can be converted into some amount of cash that can be used to cover outstanding debt. Debt is the liability. The tractor and house are assets.


Mean As Nails
Re: GOLD [Re: white17] #8216272
09/15/24 03:03 PM
09/15/24 03:03 PM
Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Blaine County Offline
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Blaine County  Offline
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Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Originally Posted by white17
Both the house and the tractor have value because they can be converted into some amount of cash that can be used to cover outstanding debt. Debt is the liability. The tractor and house are assets.


White has spoken with a clear and definitive (and better) explanation. Thank God.

Re: GOLD [Re: Providence Farm] #8216275
09/15/24 03:06 PM
09/15/24 03:06 PM
Joined: Feb 2020
Indiana
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Providence Farm Offline
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Joined: Feb 2020
Indiana
Originally Posted by Providence Farm
midlander I have you ever herd of dividends? houses and resistance are absolutely investments if your renting them out and they are bringing in money. The house you live in is necessary you need a place to live. But it's not an asset it's a liability. assets make money liabilitys cost you. Your house will cost you even when paid off. new roof, yard mowing, taxes and insurance. are a few examples. your vehicle is the same unless using it for bu or its a collectors. it's loosing value and cost you money in repairs, tires, oil changes.

Sure your realtor tells you your house I'd the best investment you will ever make to get you to feel OK and buy more house than you need and we're wanting so they can make a bigger commission.

it's simple if it makes money it's an asset, if it cost you it's a liability.

Net worth is figured assets - liability= your net worth. Your home value is definitely figured into your net worth as are your vehicles yet they are still a liability becuse they are a cost not profit.



here you go bc. maybe you missed it maybe you needed to read it more slowly and think about what was written.

if you figured it out there is another post about geting the equity out of a house your living in and using that to make money.


Last edited by Providence Farm; 09/15/24 03:38 PM.
Re: GOLD [Re: Marty] #8216289
09/15/24 03:35 PM
09/15/24 03:35 PM
Joined: Mar 2007
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
McGrath, AK
Let's say you are a farmer with a tractor and combine that you use to produce a crop that produces income. You also own a small house that you rent out by the month.

You have another house that is your primary residence.

All of these things are assets. They probably all have debt tied to them in the form of a mortgage or bank loan. Those loans are the liabilities.......but they are collateralized by the value of the asset that was purchased with those loans.

They are not all equal however.
The assets that you use to produce income...tractor, combine, rental house..............are all "wasting assets" because their value is being used up by you in producing an income. That is why you are allowed by the federal government to depreciate those items on your 1040 each year. They all have differing useful lives that determine the depreciation period.

The rental house may also be appreciating in value but that is an unrealized gain and is offset by your taxes and maintenance costs.......as part of producing an income . You likely will have to deal with that unrealized gain and a recapture of depreciation at some point in the future if/when you sell that property.

The home you live in is likely appreciating while the debt that it secures is declining. So your equity in that particular asset is increasing. Sure you have to maintain it and in most instances pay property taxes on it (some of which may be tax deductible)........but the value of that asset is not "wasting".......because the value is not being used up by you living in it. And you living in it is not producing income.

I'm sure Bryce would be able to address the farm equipment and rental and taxation issues much better than I can


Mean As Nails
Re: GOLD [Re: Marty] #8216361
09/15/24 05:04 PM
09/15/24 05:04 PM
Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Blaine County Offline
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Blaine County  Offline
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Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Great explanation.

Re: GOLD [Re: Marty] #8216368
09/15/24 05:13 PM
09/15/24 05:13 PM
Joined: Dec 2010
Armpit, ak
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Dirt Offline
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Joined: Dec 2010
Armpit, ak
That is interesting that you can depreciate rental property. Going to be a big Capital Gain when you sell it since you are depreciating it's value.


Who is John Galt?
Re: GOLD [Re: Dirt] #8216380
09/15/24 05:34 PM
09/15/24 05:34 PM
Joined: Mar 2007
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
McGrath, AK
Originally Posted by Dirt
That is interesting that you can depreciate rental property. Going to be a big Capital Gain when you sell it since you are depreciating it's value.



That is where the "recapture" comes into the equation . You need to add back that depreciation you have claimed over the years. I don't know about the percentages involved though. It may not be linear


Mean As Nails
Re: GOLD [Re: Marty] #8216414
09/15/24 06:14 PM
09/15/24 06:14 PM
Joined: Aug 2010
Asheville, NC
C
charles Offline
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Joined: Aug 2010
Asheville, NC
If you double your money in 20 years, your compounded rate of return is less than 4%.

Re: GOLD [Re: Dirt] #8216438
09/15/24 06:50 PM
09/15/24 06:50 PM
Joined: Feb 2020
Indiana
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Providence Farm Offline
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Providence Farm  Offline
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Joined: Feb 2020
Indiana
Originally Posted by Dirt
That is interesting that you can depreciate rental property. Going to be a big Capital Gain when you sell it since you are depreciating it's value.



you won't pay a penny in capital gains if you do the 1031 exchange and spent it back on another property.

you can depreciate a single family rental for 27.5 years . but only the structure the landlord value can not be added to it. multi family homes like apartments it's shorter I around 15 years.


leave the rentals to your kids even if they don't want them. let them sell them why? becus if you sell them you will pay the capital gains. if they sell them It will be based on its value when they took possession of it not at what you paid for it 20 years ago. So your kids get all the money instead of a bigger chunk to the government.

Last edited by Providence Farm; 09/15/24 07:00 PM.
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