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Reply to "Does net worth include equity in your house?"
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[quote=Anonymous][quote=Anonymous]I'm not sure why you subtract transaction costs when calculating your equity in your house. Do you subtract the taxes you will have to pay from the value of you 401k when you add that into your net worth? Chances are that the taxes on withdrawing money from your 401k are going to be a lot higher than the transaction costs for selling your house and unless you were one of those lucky people who made a killing in the Washington real estate market you are not going to owe any taxes when you sell your house. [/quote] By transaction costs I mean the RE commission and transfer taxes, which add up to about 8%. I do factor that in because the liquid value of the house is the sale price less the direct cost to sell it.[/quote]
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