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Re: GOLD
[Re: Marty]
#8216254
09/15/24 02:37 PM
09/15/24 02:37 PM
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Joined: May 2010
MN
Steven 49er
trapper
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trapper
Joined: May 2010
MN
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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
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Re: GOLD
[Re: midlander]
#8216258
09/15/24 02:40 PM
09/15/24 02:40 PM
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Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Blaine County
trapper
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trapper
Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
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Oh, so now your implying a home is not even an asset...? 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.
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Re: GOLD
[Re: Blaine County]
#8216263
09/15/24 02:46 PM
09/15/24 02:46 PM
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Joined: Mar 2023
WI
WI Outdoors
trapper
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trapper
Joined: Mar 2023
WI
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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?
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Re: GOLD
[Re: Blaine County]
#8216266
09/15/24 02:49 PM
09/15/24 02:49 PM
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Joined: Mar 2023
WI
WI Outdoors
trapper
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trapper
Joined: Mar 2023
WI
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See above tractor example. Why is a home an asset? What does your tractor produce?
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Re: GOLD
[Re: WI Outdoors]
#8216267
09/15/24 02:52 PM
09/15/24 02:52 PM
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Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Blaine County
trapper
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trapper
Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
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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.
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Re: GOLD
[Re: white17]
#8216272
09/15/24 03:03 PM
09/15/24 03:03 PM
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Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
Blaine County
trapper
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trapper
Joined: Mar 2010
2A Sanctuaries-W. OK & N. NM
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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.
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Re: GOLD
[Re: Providence Farm]
#8216275
09/15/24 03:06 PM
09/15/24 03:06 PM
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Joined: Feb 2020
Indiana
Providence Farm
trapper
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trapper
Joined: Feb 2020
Indiana
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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.
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Re: GOLD
[Re: Marty]
#8216368
09/15/24 05:13 PM
09/15/24 05:13 PM
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Joined: Dec 2010
Armpit, ak
Dirt
trapper
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trapper
Joined: Dec 2010
Armpit, ak
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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?
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Re: GOLD
[Re: Dirt]
#8216438
09/15/24 06:50 PM
09/15/24 06:50 PM
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Joined: Feb 2020
Indiana
Providence Farm
trapper
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trapper
Joined: Feb 2020
Indiana
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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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