Stocks generate income, your house doesn't. It takes your income, not only at the time of purchase, but every day from that point forward. It's a liability. But...to each there own. If you think it's an asset, that's up to you. I hope you do well.
Stocks do NOT always generate income for the investor, that's covered in Investing 101.. there is always a risk, as with just about any investment. Like any other investment, housing can be a asset or a liability. Ask the people who bought homes nationally in the late 60's if it's liability, also ask the ones who bought in the SoCal and SF areas in the 70's.
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
Buying a home or renting is a choice.....I don't really care what anyone does....it's choice.
HOWEVER.....owning a home is the BIGGEST economy booster. The banks, the municipalities, insurance companies, home improvement centers, landscapers, plumbers, electricians, carpenters, roofers, furniture/appliance stores....blah blah blah.......make money off the deal for as long as you own that property.
We, personally, have no issue paying a bank a mortgage for borrowing money from them. IT'S THE TAXES!!!!!!!!! imho
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Stocks do NOT always generate income for the investor, that's covered in Investing 101.. there is always a risk, as with just about any investment. Like any other investment, housing can be a asset or a liability. Ask the people who bought homes nationally in the late 60's if it's liability, also ask the ones who bought in the SoCal and SF areas in the 70's.
When you file your taxes, do you ever list your house as an asset? Do you list your stocks as a asset? Can you deduct loses from you home? Can you deduct stock loses?
When you file your taxes, do you ever list your house as an asset? Do you list your stocks as a asset? Can you deduct loses from you home? Can you deduct stock loses?
I don't own any stocks that are not part of a retirement account ,so, no, I don't list them. You can't claim losses on your home upon sale, but you HAVE to claim capital gains on it...minus the one time capital gains exemption....so the gov't treats a home different than another personal asset, like a car.
Tell the gov't that a home is not an asset when if you happen to inherit it and see what happens.
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
I don't own any stocks that are not part of a retirement account ,so, no, I don't list them. You can't claim losses on your home upon sale, but you HAVE to claim capital gains on it...minus the one time capital gains exemption....so the gov't treats a home different than another personal asset, like a car.
Tell the gov't that a home is not an asset when if you happen to inherit it and see what happens.
What would you do if you inherited 100 k right now - tax free ?
What would you do if you inherited 100 k right now - tax free ?
It's not taxable. An inherited home isn't either(unless it's income property). If you sell the home, and sell it for more than fair market value from when you received the inheritance, you may get taxed on the gain.
What would you do if you inherited 100 k right now - tax free ?
call my accountant for advice...
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
When you file your taxes, do you ever list your house as an asset? Do you list your stocks as a asset? Can you deduct loses from you home? Can you deduct stock loses?
The IRS labels it an asset:
Quoted Text
What happens if I sell property that I have inherited? The sale of such property is usually considered the sale of a capital assetand may be subject to capital gains (or loss) treatment. However, IRC §1014 provides that the basis of property acquired from a decedent is its fair market value at the date of death, so there is usually little or no gain to account for if the sale occurs soon after the date of death. (Remember, the rules are different for determining the basis of property received as a lifetime gift). Refer to Gift Tax FAQ.
JUST BECAUSE SISSY SAYS SO DOESN'T MAKE IT SO...BUT HE THINKS IT DOES!!!!! JUST BECAUSE MC1 SAYS SO DOESN'T MAKE IT SO!!!!!
It's not taxable. An inherited home isn't either(unless it's income property)
Neither are most inheritance, stocks included, unless they pay a dividend, etc. The tax comes in ON MOST of it, when you decide to sell it and you make a profit on its value at the time of the death of the person passed it on (i.e. real estate)
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
It's not taxable. An inherited home isn't either(unless it's income property). If you sell the home, and sell it for more than fair market value from when you received the inheritance, you may get taxed on the gain.
Im asking what would YOU do with a hundred K ?
Lets say your parents were smart and they left Schenectady 1960 and bought a house in Southern Cal- lets say it recently sold and after you split the profit with your brothers and sisters you have 100 k. - tax free
Can you write your loses off on a personal home sale(non inheritance) against your total income? Can you write off all your capital expenditures to maintain your home? Can you deduct losses on stocks against your income? Can you write off you losses in precious metals?
But...like I said. If people want to look at a house as an asset - have at it.
depending on where you buy a home it's value isn't that great....the ONLY value a home has is what you do in it... ie: living.
it keeps out the rain/snow/sun it stores your food supply it has 'clean water' it has a sh!tter it has your bed etc etc....
but to think the equity in a home is any great monetary thing is a misnomer that a whole generation was lied to about.
unless you're the offspring of a homeowner and that offspring literally has nothing and they 'get the house', then yes, to that offspring there is the value and equity. They started with nothing and ended up with something. However, now they have to keep up the home repairs and pay the taxes/insurance etc.....owning a home can become a burden both physically and financially.
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Lets say your parents were smart and they left Schenectady 1960 and bought a house in Southern Cal- lets say it recently sold and after you split the profit with your brothers and sisters you have 100 k. - tax free
Would you buy a house ?
I might buy a house. If I did, I would look at it as an investment or asset.
Can you write your loses off on a personal home sale(non inheritance) against your total income? Can you write off all your capital expenditures to maintain your home? Can you deduct losses on stocks against your income? Can you write off you losses in precious metals?
But...like I said. If people want to look at a house as an asset - have at it.
STOCK and precious metals if an investment are losses and are a tax write-off
Quoted Text
A capital loss is the result of selling an investment at less than the purchase price or adjusted basis. Any expenses from the sale are deducted from the proceeds and added to the loss.
The key point is that capital losses are losses only after you sell them. A stock sitting in your portfolio with a deflated price may cause you distress, but it doesn't do you any tax good until you dump it. (The sale of personal-use property, such as a car, doesn't get this favored tax treatment. Such losses can't be deducted as capital losses.)
You can recoup a percentage of a true loss from the taxman
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