|
|
09-06-2016, 09:48 AM
|
#41
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,227
|
If you're doing it for estate tax purposes, do they figure in closing costs at that point? It makes sense to do it the same way they do, whatever that is. I don't figure to be hitting the estate tax limit so I'm not looking.
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
09-06-2016, 02:19 PM
|
#42
|
Thinks s/he gets paid by the post
Join Date: Oct 2012
Location: Reno
Posts: 1,338
|
That's the reason. I'm not planning to move now, but in 20-30 years? Down-sizing certainly is a possibility over that timespan. Or a reverse mortgage, if necessary.
Quote:
Originally Posted by ElizabethT
Unless one is planning to move to a less expensive home/location, and pocket the difference in the process, I'm not sure I understand the rational for including real estate in net worth calculations? It would seem to be a moot point for purposes of establishing a withdrawal amount, unless perhaps a reverse mortgage is part of the equation at some point?
Edit: I have seen mention of autos in net worth on occasion, which creates the same question, minus the reverse mortgage option. What is the point exactly, since one has to live somewhere and drive something?
|
|
|
|
09-06-2016, 10:18 PM
|
#43
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,094
|
For my real estate, if I get a good comparison number for example a similar model house a couple of streets over sells, then I use that as my mental anchor value.
Then I subtract 10% for commission and fixing up costs to equal the true value (there are no mortgages involved).
|
|
|
09-07-2016, 04:51 AM
|
#44
|
Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Dallas
Posts: 1,155
|
What about rental properties? I do include them in my net worth calculation at Zillow price.
|
|
|
09-07-2016, 08:15 AM
|
#45
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
|
Quote:
Originally Posted by pjigar
What about rental properties? I do include them in my net worth calculation at Zillow price.
|
Zillow is too wonky with valuations - I decided to use what the property tax man calls "true cash value" - not taxable value. For me that gives a single consistent source for my valuation, not basing valuation on what I think something is worth. Also, since taxes are assessed once/year our net worth doesn't bounce around. As long as rental values are going up our net worth, if anything, is liable to be understated - which suits me just fine.
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|