{"id":53,"date":"2021-08-25T15:47:16","date_gmt":"2021-08-25T15:47:16","guid":{"rendered":"https:\/\/bwfinancialplanning.com\/2021\/11\/04\/mxa73idqbgsiskc5zm28i59rr3jmhp\/"},"modified":"2025-08-06T16:14:24","modified_gmt":"2025-08-06T16:14:24","slug":"what-ive-been-reading-15","status":"publish","type":"post","link":"https:\/\/bwfinancialplanning.com\/?p=53","title":{"rendered":"Tax Breaks for Home Owners"},"content":{"rendered":"

Here\u2019s what I\u2019ve been reading this past week or so.<\/p>\n

Investing is No Field of Dreams<\/strong><\/a><\/h3>\n

Important investment advice with a tie-in to Kevin Costner. Yay!<\/p>\n

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The 3 Phases of Making a Major Life Change<\/strong><\/a><\/h3>\n<\/div>\n<\/figure>\n<\/div>\n

We have all just lived through a major worldwide pandemic. Maybe you reflected on what\u2019s 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.<\/p>\n

Have you ever heard the word \u201climinal<\/a>\u201d before reading this article? Me neither\u2026<\/p>\n

Other People\u2019s Mistakes<\/strong><\/a><\/h3>\n

Morgan Housel explores the differences in how we judge our own mistakes and other people\u2019s mistakes. Understanding this nuance in the human condition can change how you interact with people around you.<\/p>\n

The Huge Tax Break for Home Sellers<\/strong><\/a><\/h3>\n

Why should you keep track of the money you spend on home improvements? To potentially save in taxes.<\/p>\n

The money spent on eligible home improvements can be used to increase your home\u2019s 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\u2019s better to keep good records now rather than trying to dig up receipts 10 years from now.<\/p>\n

This article does a good job of explaining how Uncle Sam taxes the sale of your primary home.<\/span><\/p>\n

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\u00a0IRS Publication 523<\/a>. Check with your accountant on the particulars of your situation.<\/p>\n

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