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Tax Breaks for Home Owners

Here’s what I’ve been reading this past week or so.

Investing is No Field of Dreams

Important investment advice with a tie-in to Kevin Costner. Yay!

We have all just lived through a major worldwide pandemic. Maybe you reflected on what’s really important to you and want to make some changes to how you live your life. This Harvard Business Review article looks at how we can make these changes happen.

Have you ever heard the word “liminal” before reading this article? Me neither…

Other People’s Mistakes

Morgan Housel explores the differences in how we judge our own mistakes and other people’s mistakes. Understanding this nuance in the human condition can change how you interact with people around you.

The Huge Tax Break for Home Sellers

Why should you keep track of the money you spend on home improvements? To potentially save in taxes.

The money spent on eligible home improvements can be used to increase your home’s cost basis for tax purposes. This can be helpful if you have lived in your home for a long time and/or your home is worth a lot more than what you bought it for. It’s better to keep good records now rather than trying to dig up receipts 10 years from now.

This article does a good job of explaining how Uncle Sam taxes the sale of your primary home.

To clients who own their home and/or rental properties, I recommend they keep an electronic file or spreadsheet with receipts that tracks any home improvements. Did you know that landscaping can be considered an eligible improvement? Below is a list of examples of eligible improvements that qualify per IRS Publication 523. Check with your accountant on the particulars of your situation.

BW Financial LLC dba BW Financial Planning is an Investment Adviser registered with the State of Colorado.

All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this communication’s conclusions. This communication is for informational purposes only and should not be construed as legal, accounting and/or tax advice. Should you have any questions and/or issues in these areas, please consult your legal, tax and/or accounting adviser.

Behavioral Finance, Investing, Tax Planning