Hail! Trailer is a write off
After a torrential hailstorm in August, the insurance assessor has the verdict: the trailer is a write-off. I can either: A) receive the original value of $16K and give up the trailer B) receive t...
Forum Discussion
darsben wrote:
I would think about taking the 12,000 and investing either in the new home when you are ready or putting it into a retirement plan if you do not need the money and you are in the correct age group. If you are in the right tax bracket that could net you an extra 2 - 3 thousand in a tax refund.
Tax advisor could help
That's a good thought. As a business owner I have lots of tax deductions already, but I like the idea of investing long term (i.e. with or without a future trailer purchase). We have a program in Canada called a 'Tax Free Savings Account' where I can invest it without paying any taxes on investment earnings (interest, etc). That keeps my future options open.
