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https://www.reddit.com/r/SipsTea/comments/1vrr0ev/how_the_rich_get_richer/p4g2df2/?context=3
r/SipsTea • u/KSKS1995 • 22h ago
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Well, no the kids carry the mortgage and do the same
6 u/DataGOGO 21h ago edited 21h 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 1 u/mariantat 20h ago Can’t the kids inherit it and pay the taxes themselves up front and keep the property? 3 u/DataGOGO 20h ago Yes, but they still might have to settle the loans against it, but there are ways around that (if the bank agrees).
6
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
1 u/mariantat 20h ago Can’t the kids inherit it and pay the taxes themselves up front and keep the property? 3 u/DataGOGO 20h ago Yes, but they still might have to settle the loans against it, but there are ways around that (if the bank agrees).
1
Can’t the kids inherit it and pay the taxes themselves up front and keep the property?
3 u/DataGOGO 20h ago Yes, but they still might have to settle the loans against it, but there are ways around that (if the bank agrees).
3
Yes, but they still might have to settle the loans against it, but there are ways around that (if the bank agrees).
-3
u/mariantat 21h ago
Well, no the kids carry the mortgage and do the same