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Imagine being a homeownercel and actually thinking your home is worth it's estimate
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02-10-2023, 03:39 PM
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#1
Imagine being a homeownercel and actually thinking your home is worth it's estimate
brb bought my house at $500k in 2019
brb Zillow says my house is estimated at $850k in 2023
brb it actually sells at $800k
brb capital gains tax on $300k is another $55k
brb agent commissions I owe are another $50k
brb home improvements to make it appealing were another $5k
brb repairs following the inspection added another $5k
brb my $850k Zillow estimated home where I "made" $350k since the initial purchase actually only brought in $690k, minus the initial purchase of $500k for $190k return on investment.
I always LMAO when homeownercels try to include full home estimates into their net worth. The amount you actually cash out with is so much lower.
And a $500k home estimated at $850k 4 years later is seriously like a historic upswing over the last few years too. It will literally never be more profitable than it's seen now with the craziness.... and it's still weak as f*ck.
brb Zillow says my house is estimated at $850k in 2023
brb it actually sells at $800k
brb capital gains tax on $300k is another $55k
brb agent commissions I owe are another $50k
brb home improvements to make it appealing were another $5k
brb repairs following the inspection added another $5k
brb my $850k Zillow estimated home where I "made" $350k since the initial purchase actually only brought in $690k, minus the initial purchase of $500k for $190k return on investment.
I always LMAO when homeownercels try to include full home estimates into their net worth. The amount you actually cash out with is so much lower.
And a $500k home estimated at $850k 4 years later is seriously like a historic upswing over the last few years too. It will literally never be more profitable than it's seen now with the craziness.... and it's still weak as f*ck.
02-10-2023, 03:59 PM
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#2
- artm
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- artm
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Originally Posted By S0Jack3d⏩
Op murdered with words, must be late on rent and pissd off. Loooooooll rentcelsCapital Gains Tax on Selling Your Primary Home
Many homeowners are aware of the general tax rule for home sales – if you have owned and lived in your main home for at least two out of the five years leading up to the sale, up to $250,000 ($500,000 for joint filers) of your gain is tax-free.
https://www.kiplinger.com/taxes/capi...s%20tax%2Dfree.
Many homeowners are aware of the general tax rule for home sales – if you have owned and lived in your main home for at least two out of the five years leading up to the sale, up to $250,000 ($500,000 for joint filers) of your gain is tax-free.
https://www.kiplinger.com/taxes/capi...s%20tax%2Dfree.
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02-10-2023, 04:01 PM
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#3
- bradlehman
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- bradlehman
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Originally Posted By S0Jack3d⏩
Entered the thread to post this.Capital Gains Tax on Selling Your Primary Home
Many homeowners are aware of the general tax rule for home sales – if you have owned and lived in your main home for at least two out of the five years leading up to the sale, up to $250,000 ($500,000 for joint filers) of your gain is tax-free.
https://www.kiplinger.com/taxes/capi...s%20tax%2Dfree.
Many homeowners are aware of the general tax rule for home sales – if you have owned and lived in your main home for at least two out of the five years leading up to the sale, up to $250,000 ($500,000 for joint filers) of your gain is tax-free.
https://www.kiplinger.com/taxes/capi...s%20tax%2Dfree.
02-10-2023, 04:10 PM
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#4
02-10-2023, 04:12 PM
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#5
- Guyfawkes1010
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- Guyfawkes1010
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Originally Posted By S0Jack3d⏩
Ftw bought house for 75k. Now worth 138k. Looooool. Free money.Capital Gains Tax on Selling Your Primary Home
Many homeowners are aware of the general tax rule for home sales – if you have owned and lived in your main home for at least two out of the five years leading up to the sale, up to $250,000 ($500,000 for joint filers) of your gain is tax-free.
https://www.kiplinger.com/taxes/capi...s%20tax%2Dfree.
Many homeowners are aware of the general tax rule for home sales – if you have owned and lived in your main home for at least two out of the five years leading up to the sale, up to $250,000 ($500,000 for joint filers) of your gain is tax-free.
https://www.kiplinger.com/taxes/capi...s%20tax%2Dfree.
02-10-2023, 04:22 PM
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#6
- Ironmanlet
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Imagine the banks home being worth as much as the “homeowner” thinks it is….
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02-10-2023, 04:26 PM
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#7
funny when they brag ohhh i bought for bout 350k now its worth 500k 1 year later! yeah ok but you think youre making 150k profit? YEAH RIGHT!
after penalties, fee's, taxes and commission's your making 10-20k max. and than they just waste it buying into a higher market so they arent any better off LMAO!
after penalties, fee's, taxes and commission's your making 10-20k max. and than they just waste it buying into a higher market so they arent any better off LMAO!
02-10-2023, 04:28 PM
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#8
- BalognaNbeans
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- BalognaNbeans
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A little early, rents not due for a couple more weeks OP
02-10-2023, 04:29 PM
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#9
- WoofieNugget
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Hey, my house is worth 500k instead of 350! Better take out a HELOC and renovate it to make sure my debt interest keeps piling up.
The only people winning in real estate are banks. When you finally pay off that 350k house you paid 700k for it.
The only people winning in real estate are banks. When you finally pay off that 350k house you paid 700k for it.
02-10-2023, 04:30 PM
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#10
- Destor
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- Destor
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Didn’t pay down any principal on the loan in that time?
People are definitely way too caught up in inflating home values. I built my first house in 2015 and the market at the home base has been flat since then, but my equity has increased substantially. I don’t really want prices to go crazy, I want reasonable prices and stability.
People are definitely way too caught up in inflating home values. I built my first house in 2015 and the market at the home base has been flat since then, but my equity has increased substantially. I don’t really want prices to go crazy, I want reasonable prices and stability.
02-10-2023, 04:52 PM
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#11
- EasyPassive
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- EasyPassive
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Are homeowners still an actual thing in 2023? Brutal if true srs
02-10-2023, 04:53 PM
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#12
Originally Posted By TryingMen⏩
I bought a place for $305K in 2018. It went up to only $335K almost 4.5 years later.And a $500k home estimated at $850k 4 years later is seriously like a historic upswing over the last few years too. It will literally never be more profitable than it's seen now with the craziness.... and it's still weak as f*ck.
Feels bad man
02-10-2023, 04:56 PM
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#13
02-10-2023, 04:57 PM
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#14
- BigDeeps01
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- BigDeeps01
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Originally Posted By TryingMen⏩
How much did you put down on your purchase?brb bought my house at $500k in 2019
brb Zillow says my house is estimated at $850k in 2023
brb it actually sells at $800k
brb capital gains tax on $300k is another $55k
brb agent commissions I owe are another $50k
brb home improvements to make it appealing were another $5k
brb repairs following the inspection added another $5k
brb my $850k Zillow estimated home where I "made" $350k since the initial purchase actually only brought in $690k, minus the initial purchase of $500k for $190k return on investment.
I always LMAO when homeownercels try to include full home estimates into their net worth. The amount you actually cash out with is so much lower.
And a $500k home estimated at $850k 4 years later is seriously like a historic upswing over the last few years too. It will literally never be more profitable than it's seen now with the craziness.... and it's still weak as f*ck.
brb Zillow says my house is estimated at $850k in 2023
brb it actually sells at $800k
brb capital gains tax on $300k is another $55k
brb agent commissions I owe are another $50k
brb home improvements to make it appealing were another $5k
brb repairs following the inspection added another $5k
brb my $850k Zillow estimated home where I "made" $350k since the initial purchase actually only brought in $690k, minus the initial purchase of $500k for $190k return on investment.
I always LMAO when homeownercels try to include full home estimates into their net worth. The amount you actually cash out with is so much lower.
And a $500k home estimated at $850k 4 years later is seriously like a historic upswing over the last few years too. It will literally never be more profitable than it's seen now with the craziness.... and it's still weak as f*ck.
Likely your ROI is through the roof
Even if you bought it cash you’re looking at 12-13% annualized for something that solves a necessity. Not too shabby
02-10-2023, 05:23 PM
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#15
02-10-2023, 05:27 PM
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#16
02-10-2023, 05:34 PM
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#17
- friesbruh
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- friesbruh
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Originally Posted By TryingMen⏩
not for me. if i were to sell i might pay $12k in commissions (2.5%ish to buyers agent)brb agent commissions I owe are another $50k
there is power in having a real estate license even if just for buying/selling for yourself.
brb getting $13k back at closing on your 0 down VA loan
brb getting $13k back at closing on your 0 down USDA loan
brb only putting down .5% instead of 3.5% on your FHA loan
brb save a fuk ton when you go to sell your home.
and how much are dues a year, $2,426. if you buy/sell once every 3yrs youre still money ahead.
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