We cover the basics and more about personal finance, answering frequently asked questions about credit and debt, identity theft, saving for college, retirement, estate planning, insurance, taxes, job hunting, and raising money-savvy kids. Check out the articles, columns, blog posts, radio shows and videos for tons of personal finance advice.
Tax Reform 2018 and Home Loan Interest: What We Know So Far
Tax reform has caused a lot of confusion in 2018 for taxpayers, tax-preparers, and homeowners looking to deduct home loan interest. The recent Tax Reform Act has caused consternation for taxpayers, tax-preparers and even syndicated columnists. In a recent column, we addressed the issue of the deductibility of interest in an equity line of credit [...]
Filing Income Taxes When You Move Out of State
Filing income taxes when you move out of state can quickly become complicated. Consider all of these factors before you file. Q: We sold our house in Connecticut and moved to Virginia. Do we have to file income taxes in both states? Our house was sold in end of July of last year and we [...]
Your Bankruptcy Recovery Plan
Having your bankruptcy recovery plan in place before filing will help you get back on track to rebuild your credit post-bankruptcy. This is how to get started. Q: My husband and I are going to file bankruptcy within the next 2 to 3 months on our personal accounts and our business. What is the best [...]
7 Big Life Events That Might Impact Your Taxes
7 big life events that might impact your taxes. How big life events like getting married, having a baby and inheriting money might impact your taxes. The IRS opens for business next week, and millions of Americans will start filing their federal and state tax returns. Online tax software companies guide you through the tax-filing [...]
Millennials, Money and Mortgages
When it comes to money, Millennials are doing better than many people think. And yet the vast majority are still fretting about their money, even as the oldest part of the cohort has begun applying for mortgages. Let’s start with money. Millennials (age 23 to 37) are saving money. There’s no doubt about it. Nearly [...]
What Happens to My Timeshare After My Death?
What happens to my timeshare after my death? Scammers will try to convince you that your children will be responsible, but is that really the case? Q: I just read your article about considering fees and finances before inheriting a timeshare. As a timeshare owner who cannot sell or give his timeshare away (because, as [...]
What Is the Right Way To Title a Home Purchase to Reduce Capital Gains or Inheritance Taxes?
What is the right way to title a home purchase to reduce future taxes? Should you choose joint tenancy with rights of survivorship or a trust? What impact will the way you hold title have on capital gains or inheritance taxes? Q: My mom sold her property and put all of the proceeds into [...]
No will? What Happens to Homeownership and Property Taxes
What happens if there’s no will? Homeownership and property taxes are two key issues to sort out if someone dies intestate (with no will) but has real property. Q: Does a family member or friend have to start paying property taxes after the owner of the house (who was over 65) dies in order to [...]
Is an Inspection Required When a Home is Gifted to You by a Relative?
Is an inspection required when a home is gifted to you by a relative? This reader wants to know if she should get an inspection on the home that was gifted to her by a relative. Here’s what I suggest. Q: If a home is gifted to an adult child, does it need to be [...]
Ex-Spouse Can’t Pay Mortgage – Now What?
There are friendly and not-so-friendly divorces. But if your ex-spouse can't pay the mortgage because he lost his job, should you step forward and offer to pay off the remaining amount and give him the house just to be completely done? What's the price of being done? What would you do? Q: I have been [...]