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Thursday’s need-to-know money news

June 6, 2019 By Liz Weston

Today’s top story: 5 steps to consolidate your debt with a personal loan. Also in the news: 5 myths about debt consolidation, collection costs on defaulted student loans, and the pitfalls of promotional APR credit cards.

5 Steps to Consolidate Your Debt With a Personal Loan
A to-do list.

Forget These 5 Myths You’ve Heard About Debt Consolidation
Separating truth from fiction.

How Much Are Collection Costs on Defaulted Student Loans?
Your balance could increase by 40%.

Think Long and Hard Before Using a Promotional APR
The small print could get you.

Filed Under: Liz's Blog Tagged With: Debt Consolidation, defaulted student loans, myths, promotional APR credit cards

Wednesday’s need-to-know money news

June 5, 2019 By Liz Weston

Today’s top story: Chase brings back limits on Cardholders’ right to sue. Also in the news: 5 getaways within reach using Southwest’s latest sign-up bonus, how to save for retirement and pay your student loans at the same time, and 8 pieces of financial advice from college commencement speakers.

Chase Brings Back Limits on Cardholders’ Right to Sue
Binding arbitration has returned.

5 Getaways Within Reach Using Southwest’s Latest Sign-Up Bonus
Quick tickets for new customers.

How to save for retirement and pay your student loans at the same time
A budget that pays for the past and saves for the future.

8 Pieces of Financial Advice From College Commencement Speakers
Money lessons and career tips.

Filed Under: Liz's Blog Tagged With: budgets, Chase, Chase bank, commencement speakers, Credit Cards, mandatory arbitration, retirement savings, rewards card, Southwest Airlines, Student Loans

Tuesday’s need-to-know money news

June 4, 2019 By Liz Weston

Today’s top story: What you need to know about working in retirement. Also in the news: 5 reasons to keep renting, how one couple paid off $33K of debt in 18 months, and how to opt of out Chase’s new binding arbitration rule.

What You Need to Know About Working in Retirement
Things to consider as you make your retirement plans.

5 reasons to keep renting
The flexibilities and amenities.

How I Ditched Debt: ‘It Made Our Marriage So Strong’
One couple’s story.

How to Opt Out of Chase’s New ‘Binding Arbitration’ Rule
You have until August 7th.

Filed Under: Liz's Blog Tagged With: binding arbitration, Chase credit cards, debt stories, renting vs buying, Retirement, retirement planning, working

What will long-term care cost you?

June 4, 2019 By Liz Weston

Many people are frightened of long-term care costs — for good reason.

Most people over 65 eventually will need help with daily living tasks, such as bathing, eating or dressing. Men will need assistance for an average of 2.2 years, while women will need it for 3.7 years, according to the U.S. Department of Health and Human Services’ Administration on Aging.

In my latest for the Associated Press, the high cost of long-term care and why planning ahead is essential.

Filed Under: Liz's Blog Tagged With: long term care, long-term care costs, Medicare, Social Security

Monday’s need-to-know money news

June 3, 2019 By Liz Weston

Today’s top story: 5 reasons to line up a loan before visiting a car dealer. Also in the news: 6 things to know about student loans before you start school, 5 tips to boost your credit card rewards, and why investor interest in CDs is rising.

5 Reasons to Line Up a Loan Before Visiting a Car Dealer
Protecting yourself from the finance department.

6 Things to Know About Student Loans Before You Start School
Important details.

Watch Your Credit Card Rewards Pile Up With These 5 Tips
Even more rewarding.

Why Investor Interest in CDs is Rising
Choosing the security of fixed-interest.

Filed Under: Liz's Blog Tagged With: car loans, CDs, credit card rewards, financing, Investing, Student Loans, tips

Q&A: Selling an inherited house to a relative will affect tax treatment

June 3, 2019 By Liz Weston

Dear Liz: My mother recently died, leaving a house to my three siblings and me. We had the house appraised in February. My sister is buying the rest of us out. We decided to give our sister a break and sold her the house below the appraised amount. As the “selling price” (which will be a public record) will be below the appraisal, can I take my “loss” on my taxes this year? I gave her a $25,000 reduction, so I assume I can take $3,000 a year for eight years. Is this true?

Answer: Probably not.

The sale to a family member probably dooms any chance of taking a capital loss, said Mark Luscombe, principal analyst for tax and accounting at Wolters Kluwer.

“The law is not entirely clear on this topic with the IRS perhaps taking a more severe stand than the Tax Court, but both seem to frown on any use of the real estate for personal purposes after the death of the parent,” Luscombe said.

For a capital loss, the IRS appears to require that the inherited property be sold in an arm’s length transaction to an unrelated person, Luscombe said. The IRS also requires that you and your siblings did not use the property for personal purposes and did not intend to convert the property to personal use before the sale.

Even the Tax Court cases appear to at least require a conversion to an income-producing purpose before the sale and no personal use of the property after the death of the parent.

“The reader may find a court willing to say that personal use by a sibling is not personal use by the reader, and, from the reader’s perspective, it was converted to investment property,” Luscombe said. “However, since this was a sale to a sibling and not an unrelated person, I think that the IRS would disagree with that position.”

Filed Under: Inheritance, Q&A, Real Estate, Taxes

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