My wife and I lived in a home for more than 10 years. In August of 2014, we moved out and put it into service as a rental. We intend to sell the house when our current tenants move out (their lease is up at the end of August of 2015, but we’ve told them they can move out earlier if they want and they’ve indicated that they may).
The only thing you must do is file together, so you can figure out what makes sense for you both individually and as a team. This is where having an accountant really proves its worth.
Billfold-related Tax Deductions I Might Be Able to Claim, In Order of Whether I Should Actually Claim Them
1. The copy of Rich Dad, Poor Dad that I bought for the Billfold Book Club
2. The cost of the “Jimmy John’s sandwich knockoff” I tried to make for an article
3. The ticket prices for the movies I reviewed as part of my What the Last Four Feature Films I Saw Taught Me About Money series
Now if this sounds a little too much like starting a Pinterest board for you wedding before you meet someone you want to spend your life with (not that I don’t support that), let me explain. Or try!
A 529 account, for the uninitiated, is kind of like an IRA but instead of investing money for retirement, you’re putting money in a mutual fund for college expenses. Like 401k’s and IRA’s, the earnings you make are tax-deferred. That shit can just grow and grow (or yes, shrink, but sssh, it’ll be in there for 20+ years and we aren’t going to think about that) and you don’t even have to report it on your taxes.
This morning, the Times has a very good discussion about the proposed tax rates President Obama will be discussing with Congressional Republicans in the coming weeks, which is part of a larger negotiation of talks about the “fiscal cliff” (if you are bored by that term and still don’t know what that means, here’s a primer).