Usually, if I use light-weight spackle, it's just for small nail holes in walls. Putty I use for nail holes in trim and woodwork, and for all outside corners on trim and only caulk the inside corners. The putty tends to shrink alot less than the spackle will and gives a better finish, i.e. no fish eyes. The outside corners of trim where boards meet usually looks like crap when caulked, so I always putty this as well for tight clean corners. Caulk is NOT for filling holes. It will shrink and look like crap.
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