Hard lessons learned by 7 financial experts
Clark Howard
Who
Consumer finance expert on radio and TV.
Mistake
Bought into an apartment complex in Miami in 1985 to take advantage of tax laws that provided $2 in tax benefits for every $1 the investment lost.
Result
Tax laws changed in 1986 and he was hit with a massive tax bill known as a recapture.
Lesson
“I learned not to make investments just for tax reasons.”
(Source: Consumer Reports,)
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