Because inheritance is different than income, it shouldn’t need to be reported on income taxes. Most states have a determined amount that is allowed to be passed down and inherited tax-free. Comingling inheritance in a joint account between spouses makes the inheritance marital property.
An old stock or bond certificate may still have some value to collectors. There are several resources for researching your old stock certificates to learn more or find out if they have any value. A quick Google search can also provide information about a company you still have a stock certificate for.
Investment companies often want to know what your investment objective is. Your investment objective depends on your age and what they money in your investment is for. At a young age, investment objectives are often aggressive because you have a long time ahead of you to save.
Even if you’ve reached the age to withdraw from your 401(k) penalty-free, you’ll still have to pay taxes to take out a large chunk of it. If you’re considering using the funds from a 401(k) to pay off debts, think about using the equity in your home instead. Dipping into your 401(k) will cut into your retirement and could mean financial trouble during those golden years.
Deciding whether it’s a smarter financial move to rent or to buy often depends on where you’re located and the cost of property in the area. If you’re going to move often, buying a home might not be as lucrative, considering the costs of buying and selling. One good option for buying could be a fixer-upper.
Homeowners can sell their property for the amount they wish, but if it is sold for much less than it is worth, it will need to be determined if that difference is a loan or a gift. Giving cash or a home itself as a gift can trigger taxes from the IRS. Lending, rather than gifting, the cash to buy a home should be worked out with a real estate attorney.
Here's the updated FAQ from the White House on the Modification program under the new Making Home Affordable program. For more information, check out ...
Along with the launch of the MakingHomesAffordable.gov website, the White House released an updated FAQ about the refinancing and modification program...
When you're applying for a mortgage loan it's critical to have a good credit score. Most mortgage lenders look for a credit score of at least 720 since the credit crisis and FHA mortgage lenders require a credit score of at least 500. If you look up your credit score and discover that it's low, you can see if you can dispute anything on your credit history to improve it.
What should you consider when you're debating whether to refinance your mortgage loan? Making a good refinance decision depends on the interest rate and how soon you can recoup your closing costs. One alternative to refinancing may be to make extra mortgage loan payments. You may be able to get savings similar to a refinance but save the closing costs.
