Inflation will impact your taxes, in a good way. Tips for reducing capital gains from a home sale. Vacation home realities. It’s good to be the king.
High Inflation brings changes to your tax bill (Wall St. Journal)
While inflation has been raising the prices on most everything these days, it may also help reduce future taxes. No joke. That’s because most everything tax related is indexed to inflation. This means higher thresholds for income tax brackets, larger contributions to retirement accounts, and higher estate tax exemptions.
As home sale prices surge, a tax bill may follow (NY Times)
Sold a home this year? A review of the home sale capital gains exemption. And if profits from the sale are going to exceed the exemption, there are also some good tips for reducing gain.
For every vacation home fantasy, there is a harsh financial reality (Wall St. Journal)
As the old joke goes, the 2 best days in the life of a vacation homeowner are when they buy it, and the day they sell. This article has some solid advice on preventing buyer’s remorse.
Bonus: King Charles doesn’t have to pay inheritance tax on the Queen’s private estate (Business Insider)
If you haven’t had your fill of royal family trivia over the past week, here’s another nugget. Estate planning is easy for the royal family. The British Parliament passed a law in the 90’s that exempts them from estate taxes.
If at first you don’t succeed, you’re normal.
Michael Hyatt