Dear Liz: I am selling a rental property that I have owned for several years. I know I could do a 1031 exchange, which would allow me to put off the tax bill by investing in another commercial property. But I just want out. I’ll pay the capital gains tax and invest the rest of […]
Recent Blog Posts
Q&A: Refreshing an old credit card
Dear Liz: I have and use three credit cards, two of which offer cash-back rewards. The third has no rewards program, so I would like to get rid of it and replace it with a new card that offers cash back or miles. But I’m afraid if I cancel this card my credit score will […]
Q&A: Don’t file an amended return after the stimulus tax break. The IRS is begging you
Dear Liz: You might want to inform your readers that they do not need to file an amended return if they filed before Congress passed its most recent stimulus plan, which excludes the first $10,200 of unemployment benefits. The IRS will automatically recalculate their taxes and refund the taxes paid on that amount of benefits. […]
Thursday’s need-to-know money news
Today’s top story: The high price of money shame. Also in the news: Will travel costs change as more vaccines roll out, how to tell if your credit card is worth the annual fee and snags hit free COBRA health insurance for the unemployed. The High Price of Money Shame Simply naming the emotions you […]
Wednesday’s need-to-know money news
Today’s top story: How to budget for a new home so you don’t end up house poor. Also in the news: Why (and how) to renew your passport now, even if you’re not traveling soon, once-rare cell phone protection is now a common credit card perk, and should you plan for $50,000 in student loan […]
The high price of money shame
The U.S. suicide rate has risen dramatically in recent years, and certified money coach Tammy Lally of Washington, D.C., is convinced money shame is a contributing factor. Lally’s brother died by suicide in 2007 after receiving a foreclosure notice. Shortly afterward, Lally’s mortgage business collapsed in the Great Recession. She says she went from driving […]