Quote:
Originally Posted by garysanfran
You can't pay taxes with equity unless you borrow against it. Renting your place to pay taxes means you have to go elsewhere, can't have nice things and it will put you in a higher tax bracket. No one should be taxed out of their homes and it happened to every one of my neighbors over 60 years.
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We have friends that live year round in a Hampton Beach condo and they have Summers off from work. They advertise the condo on AirB&B at a really high nightly price and rent it out (last minute due to the high price) about 20 nights a Summer. When it's rented out, they simply take a road trip somewhere and stay in hotels or with family/friends. Those 20 nights easily pay all their expenses for the road trips, and all their property taxes.
If people somehow forgot that property taxes almost never go down and don't plan for increases, there are creative ways to cover the costs.
If people bought boats in 2020 thinking marine diesel was always going to cost $1.49 a gallon, they didn't really plan well.