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