Still no.I'm pretty sure all Footballguys pay cash for our houses and have no debt. We also have multi-million dollar umbrella policies to prevent an unexpected lawsuit from a guest getting hurt at our house. I will go ahead and chalk my home up as an asset.
Nice! I'm glad you realize it is a liability though.I'll make $200,000 when I sell my condo next year. I'm not complaining.
Yeah, no. We take the 5mil note at 3.5% and invest the cash.I'm pretty sure all Footballguys pay cash for our houses and have no debt. We also have multi-million dollar umbrella policies to prevent an unexpected lawsuit from a guest getting hurt at our house. I will go ahead and chalk my home up as an asset.
Seemingly, but you are wrong.proninja said:It's been a long time since I was in business school, but seems like the house is an asset and any associated mortgage debt is a liability
And up to $250k (single)/$500k(married filing jointly) capital gains on the sale are excluded from taxes.
I own an oceanfront condo, it's wonderful, but alas still a liability..Say people who can't afford to buy a house...
You obviously have a firm grasp on what constitutes an asset.I'm pretty sure all Footballguys pay cash for our houses and have no debt. We also have multi-million dollar umbrella policies to prevent an unexpected lawsuit from a guest getting hurt at our house. I will go ahead and chalk my home up as an asset.
Said many people in 2008 fwiwI'll make $200,000 when I sell my condo next year. I'm not complaining.
Who said I'm bothered? I'm just discussing a topical trend in my world.A lot of things seem to be bothering you lately. You considered hormone treatments?
Yeah, no..Asset:
a useful or valuable thing, person, or quality.
"quick reflexes were his chief asset"
synonyms:
benefit, advantage, blessing, good point, strong point, selling point, strength,forte, virtue, recommendation, attraction, resource, boon, merit, bonus, plus,pro
"he sees his age as an asset"
property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
"growth in net assets"
synonyms:
property, resources, estate, holdings, possessions, effects, goods, valuables,belongings, chattels
"the seizure of all their assets"
military equipment, such as planes, ships, communications and radar installations, employed or targeted in military operations.
li·a·bil·i·ty
ˌlīəˈbilədē/
noun
1.
the state of being responsible for something, especially by law.
"the partners accept unlimited liability for any risks they undertake"
synonyms:accountability, responsibility, legal responsibility, answerability; More
2.
a person or thing whose presence or behavior is likely to cause embarrassment or put one at a disadvantage.
"he has become a political liability"
synonyms:hindrance, encumbrance, burden, handicap, nuisance, inconvenience;More
So, it's both.
Sadly, it never was. Sorry duderConsidering I purchased in 2004 and our market crashed, yeah... mine is definitely not an asset.
Perhaps predatory lenders will let you borrow against the equity of your house, but this is unfortunately wrong as well…A house isn't a liability, the mortgage and upkeep are. The equity you have in the house is an asset.
Source: my CPA license.
Explain.Perhaps predatory lenders will let you borrow against the equity of your house, but this is unfortunately wrong as well…
Meh. It's OK. We like the neighborhood and had no plans to jump to the next house. By the time it's paid off it'll be time to find something without stairs.Sadly, it never was. Sorry duder
I think they are called "banks." As in, all of them.Perhaps predatory lenders will let you borrow against the equity of your house, but this is unfortunately wrong as well…
Equity is make believe. Just ask homeowners looking to sell in 2008.Explain.
Wrong. Your house is a liability.LOL.
House is asset.
Debt is a liability.
Equity is the difference and can be positive or negative.
Nope.Bought in 1994 for $170k, paid off the mortgage in 12 years. Could sell it easily for $650k now.
Not an asset?
Nope. You got hoodwinked bro because the value dropped in 2008.Bought in 1994 for $170k, paid off the mortgage in 12 years. Could sell it easily for $650k now.
Not an asset?
You must have graduated for Trump U.Wrong. Your house is a liability.
Nope.
I wish I had my condo paid off, I'm jealous, but you are still living in a liability.My portfolio made a less percentage than my adjusted mortgage interest last year. I said #### it and paid off my mortgage. My broker said it was backward (market) thinking, but now I get to live in an asset.
Especially in a hurricane.I own an oceanfront condo, it's wonderful, but alas still a liability..
The same way that Nobel laureate economists do.proninja said:So how do you define asset and liability?
C'mon guys. With that post, it went beyond obvious that he is in full schtick mode. No one can be that inept when it comes to finances. Well, other than Steady's wife.proninja said:So how do you define asset and liability?
West side of Maui, naturally insulated from Hurricanes by jet stream, Lanai & KahooloweEspecially in a hurricane.
You can say it's shtick but prized economists agree with me.C'mon guys. With that post, it went beyond obvious that he is in full schtick mode. No one can be that inept when it comes to finances. Well, other than Steady's wife.
Please let me know what you do for a living.Equity is make believe. Just ask homeowners looking to sell in 2008.
Software Developer.Please let me know what you do for a living.
And how you are so ####### dumb.