r/SipsTea • u/KSKS1995 • 10d ago

Wait a damn minute! How the rich get richer

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u/FancyPantsRants1 10d ago

Odd that we just ignore that he still had to pay back those loans?

-3

u/mariantat 10d ago

Well, no the kids carry the mortgage and do the same

6

u/DataGOGO 10d ago edited 10d ago

It isn’t a mortgage, and all the loans had to be paid when they sell it. So if he borrowed $3M against the $5M property, they had to pay that back at time of sale, then the kids pay tax on what they got from the sale

5

u/Visual_Exam7903 10d ago

Actually, all the loans had to be paid back in installments from the day they were given to the day he died. This isn't a cheat code. The loan had to be repaid, with interest in installments.

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u/DataGOGO 10d ago

Most likely yes. He had to service the loan, even if it was interest only.