Ep 056 – The Smart Homeowner’s Guide to Tax Deductions

Show Notes

In this episode of Be a Smarter Homeowner, host Beth Dodson sits down with Craig Sheets, founder of Crestville Accounting, to unpack one of the most misunderstood parts of homeownership: taxes.

Craig brings nearly 25 years of senior-level accounting experience and helps individuals and business owners not only stay compliant, but also make smarter financial decisions throughout the year. Together, Beth and Craig discuss how homeowners can better understand deductions, tax planning, rental property rules, renovation records, mortgage interest, inherited homes, and the importance of working with a knowledgeable CPA.

This conversation covers practical tax considerations for both primary residences and rental properties, including the difference between repairs and capital improvements, how renovations can affect your cost basis, what rental property owners should know about depreciation, and why keeping detailed records can make a major difference when it is time to file taxes or sell a home.

Topics covered include:

  • Homeowner tax myths
  • Schedule A deduction
  • Sales tax deductions
  • Mortgage interest
  • Real estate taxes
  • Rental property deductions
  • Cost segregation
  • Depreciation
  • Repairs versus renovations
  • Capital improvements
  • Tax basis
  • Inherited homes
  • Revocable and irrevocable trusts
  • Energy-efficiency tax credits
  • and why planning with your CPA matters.

Important note: This episode is for educational purposes only. Tax laws and individual situations vary, so homeowners should consult their own CPA, accountant, or financial advisor before making tax decisions.

Episode Summary

Your home is often your largest financial asset, but many homeowners do not fully understand how it connects to their tax strategy. In this episode, Beth Dodson talks with CPA Craig Sheets about the deductions, credits, planning opportunities, and recordkeeping habits homeowners should know.

Craig explains why tax planning should happen year-round, not just during filing season. He discusses how homeowners may be able to deduct certain taxes, mortgage interest, sales tax on qualifying renovations, and energy-efficient upgrades. He also breaks down the difference between a repair and a renovation, explaining why that distinction matters for tax purposes.

For rental property owners, Craig goes deeper into depreciation, cost segregation, active versus passive management, possible travel and business-related deductions, and the importance of understanding how a property is owned. Beth and Craig also explore how renovations can affect a home’s tax basis and why detailed project records can help homeowners reduce potential capital gains later.

The episode closes with practical advice: keep receipts, track home improvements, document energy-efficient upgrades, communicate with your CPA before major projects, and treat your home like the financial asset it is.

Key Takeaways

  • Homeowners may miss deductions simply because they do not know what to track.
  • Repairs and renovations are treated differently for tax purposes.
  • Rental property ownership comes with additional rules, deductions, and planning opportunities.
  • Cost segregation may help rental property owners accelerate depreciation.
  • Home improvements can increase your tax basis, which may matter when you sell.
  • Mortgage interest can be part of an itemized deduction strategy.
  • Energy-efficient upgrades may qualify for tax credits, which can be more powerful than deductions.
  • Inherited homes and trusts can create tax consequences that should be planned carefully.
  • Good recordkeeping can save homeowners money.
  • The best tax strategy usually begins before the project, purchase, sale, or filing deadline.

Chapters

00:40 Understanding Homeownership and Taxes
01:52 Myths and Misconceptions in Home Taxation
05:40 Deductions for Home Renovations
10:42 Navigating Rental Property Deductions
15:38 The Importance of Active Management in Rentals
20:35 Repairs vs. Capital Improvements
22:24 Understanding Repairs vs. Renovations
24:25 Appliances and Their Tax Implications
27:29 The Impact of Renovations on Capital Gains
32:10 Tax Basis and Renovations Explained
36:18 Living in Your Home: Tax Implications
39:47 Mortgage Interest Deductions: A Double-Edged Sword
41:24 Understanding Mortgage Interest Deductions
42:56 The Benefits of Homeownership
44:41 Renovations and Their Impact on Home Value
48:19 Inheriting a Home: Key Considerations
53:36 Tax Tips for Homeowners

Guest Contact Details

LinkedIn: Craig Sheets, CPAclosed | LinkedIn

Website: Crestville Accounting, LLC,Orlando, Florida, FL

Podcast: Behind Closed Books – YouTube

Ep 055 – Why Leak Detection is the Smartest Home Investment

Show Notes

What if you could catch a plumbing leak before it became a five-figure repair? In this episode of Be a Smarter Homeowner, Beth Dodson talks with Ian Greene about why leak detection is one of the smartest upgrades a homeowner can make. They break down how flow-based leak detection works, why hidden leaks are so destructive, and how smart systems can shut water off automatically before a small issue becomes a major disaster. 

Beth also shares her own experience with water damage and why even a “small” leak can create months of disruption, unexpected out-of-pocket costs, and a long repair process. Ian explains why toilets, hidden pipe failures, freezing conditions, critters, and faulty fittings are among the biggest leak risks homeowners face. He also shares how FloLogic differs from simpler devices by detecting extremely low flow rates, offering battery backup, app alerts, and user-controlled settings that help prevent nuisance shutoffs. 

The conversation also explores the insurance angle: how water damage claims can be costly, why some insurers now require leak detection devices for certain homes, and how discounts may help offset installation costs over time. Beyond protecting your home, Beth and Ian discuss the peace of mind, water savings, and environmental benefits that come with catching leaks early. 

If you have ever worried about what’s happening behind your walls, under your floors, or while you’re away from home, this episode is a practical reminder that prevention is far easier than restoration. 

Sound bites

“Recognize when a leak has been going on too long.”

“Nothing lasts forever, but technology can help.”

“Installing leak detection can significantly reduce risk.”

Chapters

00:40 Introduction to Leak Detection and FloLogic
01:41 Inspiration Behind FloLogic
03:06 How FloLogic Detects and Controls Water Leaks
04:49 Monitoring Water Use and Automatic Shutoff
06:45 Common Hidden Leak Areas and Risks
08:07 Insurance Claims and Leak Prevention
12:54 FloLogic vs Other Leak Detection Devices
15:03 Installation Options: New Construction vs Post-Construction
17:11 Early Leak Detection and Preventing Damage
18:34 FloLogic’s Sensitivity and Smart Home Integration
22:15 Insurance and Cost Savings with Leak Detection
25:28 Final Tips and Resources for Homeowners

Guest

Ian Green Ian Greene | LinkedIn

http://www.flologic.com/

Ep 054 – How to Detox Your Home for Better Health

Show Notes

In this episode of Be a Smarter Homeowner, Beth Dodson talks with Nicole Jacques, home system strategist and creator of the House CEO philosophy, about how the products, routines, and systems inside our homes can affect both our health and our peace of mind. Nicole shares how her own pregnancy and later autoimmune diagnosis pushed her to examine the hidden environmental factors inside the home, leading her into the world of low-tox living. 

Together, Beth and Nicole unpack what “low tox” really means, why so many so-called “clean” products are confusingly marketed, and how homeowners can make healthier swaps without becoming overwhelmed. Nicole emphasizes that low-tox living is not about perfection. It is about reducing toxic load step by step, especially with the products and systems you use every day. 

The conversation also digs into synthetic fragrance, air quality, and the reality that many homeowners have never been taught how to properly care for a home. Nicole explains why overwhelm often comes from a knowledge gap, not laziness, and offers a more realistic, forgiving approach to home care: fewer products, fewer decisions, more routines, and lower standards in the right places. 

They also cover practical issues homeowners often overlook, including dryer vent safety, the health impact of stagnant indoor air, the value of air scrubbers and filters, and why functionality matters more than aesthetics when creating a home that truly supports your life. Nicole closes with three simple takeaways: do not aim for perfection, start with what you use every day, and find community so the process feels lighter and more doable. 

Key Takeaways

  1. Your home environment may be affecting your health more than you realize. 
  2. Low-tox living does not have to be all-or-nothing. Replace products gradually as they run out. 
  3. Synthetic fragrance often masks problems instead of solving them. 
  4. Clean air and clean water are some of the best places to start. 
  5. Many homeowners feel overwhelmed because nobody taught them how to care for a home. 
  6. A home should feel like a safe place, not a second job. 
  7. Buying more products usually adds complexity instead of solving the problem. 
  8. Function matters more than “pretty” when creating a healthy home. 
  9. Dryer vent maintenance is a major fire-prevention issue. 
  10. Simpler routines can improve both your home and your well-being. 

Key Topics

  • Low-tox living principles
  • Detoxing your home environment
  • Impact of fragrances and synthetic chemicals

Guest: Nicole Jacques

Website: Nicole Jaques

Instagram: @itsnicolejacques

Facebook: @theboardhousewifepdx

Pinterest: @itsnicolejacques

TikTok: @itsnicolejacques

Chapters

00:40 Introduction to Home Wellness
03:49 The Journey to Low Tox Living
06:44 Understanding Low Tox and Lowest Tox
09:46 Making Healthier Choices in Home Products
12:41 The Impact of Fragrances on Health
15:33 Overcoming Home Overwhelm
18:39 Creating a Healthy Home Environment
22:22 Creating Shared Responsibility at Home
23:14 Lowering Standards for a Healthier Home
24:41 The Impact of Mindset on Household Tasks
25:52 Rethinking Cleaning Products and Their Necessity
27:52 Balancing Aesthetics and Functionality in Home Design
29:35 Understanding Home Safety and Maintenance
30:52 The Importance of Air Quality in Homes
35:10 Practical Steps for Low-Tox Living

Ep 053 – Reverse Mortgages Explained: Myths, Truths, and Real-Life Uses

Episode Summary

Reverse mortgages are often misunderstood—but for the right homeowner, they can be a powerful financial tool.

In this episode of Be a Smarter Homeowner, we sit down with Laura Phillips, a Home Equity Strategist and creator of The Equity Shift, to break down how reverse mortgages really work.

We cover the fundamentals of Home Equity Conversion Mortgages (HECMs), common misconceptions, and the true cost structure—including mortgage insurance and fees. Laura also shares practical, real-world ways homeowners aged 62+ are using reverse mortgages to support aging in place, improve cash flow, fund major life goals, and create greater financial flexibility in retirement.

You’ll also learn what happens to the home and loan when the homeowner passes away—and how proper planning can protect your legacy.

If you’ve ever wondered whether a reverse mortgage is a smart financial strategy or something to avoid, this episode gives you the clarity you need to make a more confident decision.

Key Topic

  • What a reverse mortgage is and how it works
  • Understanding HECM (Home Equity Conversion Mortgage) loans
  • Common myths and misconceptions about reverse mortgages
  • Cost structure, fees, and mortgage insurance explained
  • Smart ways to use reverse mortgage funds:
    • Aging in place
    • Supplementing retirement income
    • Funding major life expenses
  • What happens to the home when the homeowner passes away
  • How reverse mortgages impact estate planning and heirs

Chapters

00:40 Introduction to Reverse Mortgages
02:21 Understanding HECM and Its Benefits
04:25 Common Misconceptions About Reverse Mortgages
06:00 Costs and Fees Associated with Reverse Mortgages
08:20 Accessing Funds from a Reverse Mortgage
10:57 Homeownership and Reverse Mortgages
12:31 Using Reverse Mortgages for Various Needs
13:16 What Happens When a Homeowner Passes Away?
15:31 Aging in Place and Reverse Mortgages
18:15 Unique Uses of Reverse Mortgages
20:49 Considerations Before Choosing a Reverse Mortgage
23:43 The Importance of Family Discussions
26:20 Conclusion and Contact Information

Sound Bites

“Reverse mortgages allow aging in place comfortably”

“A reverse mortgage can fund a trip around the world”

“Find a lender you trust for this important decision”

Guest Bio

Laura Phillips is a Licensed Reverse Mortgage Specialist and Home Equity Strategist with over 25 years of experience in real estate lending.

As the creator of The Equity Shift, Laura is dedicated to helping homeowners thoughtfully and confidently turn their home equity into meaningful life options. She specializes in FHA HECM and proprietary jumbo reverse mortgage solutions, guiding clients through complex financial decisions with clarity and care.

Laura is licensed in California, Colorado, and Florida, and works with clients to enhance cash flow, support retirement goals, and create long-term financial security.

icon 303-817-4611
icon WWW.LauraPhillips.com
icon laura@lauraphillips.com

Thinking about how your home fits into your financial future?

Start by understanding your numbers, your equity, and your options—because a smarter homeowner makes more confident financial decisions.

Ep 052 – I Got a Guy: The Secret to Running Your Home Like a Pro

Podcast Summary

In this episode of the Be a Smarter Homeowner Podcast, we explore how to build and maintain a comprehensive home contact list to simplify home management and protect your property. From trusted contractors and service providers to utility companies and financial advisors, having a centralized system for your home contacts can save time, reduce stress, and improve emergency preparedness.

Learn practical strategies to organize your home contacts, store important documents, and keep critical information easily accessible when you need it most. Whether you’re managing routine maintenance or preparing for unexpected events, this episode will help you take control of your home with confidence.

Key Topics

  • How to create a complete home contact list for better home management
  • Organizing service providers, contractors, and utility contacts
  • Storing home-related documents, warranties, and account details
  • Why centralized home information improves efficiency and preparedness
  • Simple systems to manage contacts and home data in one place

Sound Bites

  • “Every homeowner needs a centralized home contact system.”
  • “Your contractor list should be as organized as your finances.”
  • “Start small—build your home contact list one trusted provider at a time.”

Chapters

00:40 How to Build a Home Contact List
03:47 Managing Contractors and Service Providers
06:34 Organizing Utility and Home Services
09:26 Essential Contacts for Home Protection
12:29 Creating a Centralized Home Management System
15:38 Simple Organization Tips for Homeowners