Dollar Detective Insights
Monthly Edition | December 2024
Dollar Detectives, Welcome to the December edition of Dollar Detective Insights! I hope you all had a Merry Christmas and are ready for the New Year. It’s been an exciting few months for me with this blog and I hope you all have enjoyed the topics. As you might have noticed, the blog has had a slight facelift with new colors, format, and a new logo (Thanks to Roux Atelier!). But enough about me, time to enjoy the final insights for the year.
Codename of the Month
Codename: Crisis Cushion— Don’t let unexpected events catch you slipping. Dive into Codename: Crisis Cushion and stack your gingerbread. Read More
Lessons Learned
My wife and I have been renting out our previous house in Texas and have claimed expenses incurred in preparing it for rent, such as utilities, supplies, and travel to and from the rental property. However, one expense that we have not claimed and recently learned about is depreciation.
In simple terms, depreciation allows you to deduct the cost of a rental property over a specified period of time, typically 27.5 years for residential properties and 39 years for commercial properties. This deduction can significantly reduce your taxable income, thereby increasing your take-home pay.
Check out this article on Rocket Mortgage to learn more: Rental Depreciation
Around the Agency
Since the election, we have been hearing a lot about President-Elect Trump’s plan to raise tariffs on all imported goods. But what is a tariff and what does it mean for your wallet? Read More
Resources
Book:
7 Habits of Highly Effective People — If you want to take control of your life, set meaningful goals, and build relationships, this book gives you the blueprint for accomplishing all three and more.
Tool of the Month:
Capitalize — Might have an old 401(k) at a previous employer that you want to rollover to an IRA? Capitalize can find your abandoned 401(k) accounts and help you roll them over into one of their recommended IRAs. Capitalize
Upcoming Missions
What to Look for in January…
Look out for your weekly newsletters for the month of January, where I will be covering Money Mindset, Free Phone Deals, Taxes, Car Insurance, and Point-of-Sale Fundraising.
New Podcast named Friday Interrogations. Episodes releasing every Friday at 9AM.
If you have not already, grab your copy of my book Why Not Us? under the Shop tab.
If you have any financial or non-financial accomplishments, reach out to me at wealthgenerationagency@gmail.com so that I can shine a light on you in the Dollar Detective Spotlight!