4 Ways to Prepare for a Recession
4 ways to prepare for a recession. The Coronavirus (COVID-19) pandemic points to signs of a global recession and now is the best time to prepare your finances. The Coronavirus (COVID-19) pandemic has caused financial stress to go through the roof, with all signs pointing to the start of a deep, prolonged global recession. The [...]
Which Debt to Pay First When Improving Personal Finances
Which debt to pay first when improving personal finances. Which debts to pay down first to improve your credit score and start building your savings. Q: I am "getting back on my feet" financially and would like to know how I should continue to improve my personal finances. Is it better to prepay my mortgage, [...]
What Happens When You Sell a Property in a Trust?
What happens when you sell a property in a trust? This reader wants to know about the $250,000 gain exclusion and other tax implications. Q: My wife passed away this past year and our home is titled in her trust with me as trustee and my children as beneficiaries upon my passing. Is my cost [...]
Paying Property Taxes on an Abandoned Home
Paying property taxes on an abandoned home. This renter can’t locate the owner and wants to know if they can pay back taxes before it goes to auction. Q: I rented a house from a person who turned out not to be the owner of the home. I contacted the authorities and the scammer disappeared. [...]
Valentine’s Day 2020: Americans Expected to Set Spending Record
Valentine’s Day 2020: Americans expected to set spending record. Their lists grow longer every year, but the holiday is supposed to be about love, not money. Valentine’s Day 2020: Americans Expected to Set Spending Record Valentine’s Day spending is expected to total $27.4 billion this year, up 32 percent from last year’s record $20.7 billion, [...]
How to Avoid Paying Capital Gains Tax on Inherited Property
How to avoid paying capital gains tax on inherited property. Minimize the potential tax consequences of transferring property from parent to child. Q: I have a question about a recent answer you gave to a reader. The question relates to a daughter that acquired her share of the home from her mom while her mom [...]