Dear Liz: If I give $15,000 to my grandson, do I report it on my tax return? Is it deductible? Does my grandson report the gift on his tax return and does he owe tax on it? What if three sets of grandparents (parents and stepparents of his parents) do the same? Answer: No, no, […]
Recent Blog Posts
Q&A: Don’t rush to collect Social Security
Dear Liz: I would like you to explain to us retirees why we should delay taking Social Security. I have two tax preparers — and other people — who say delaying is a terrible idea. I’m in my 20th year of collecting Social Security, and I can assure you that people who delay are making […]
Q&A: Too many credit cards? Protect your credit scores while closing accounts
Dear Liz: Over the years, my husband and I have accumulated a number of credit cards. All have had a zero balance for years. I want to start canceling these cards, but I’m concerned that will hurt our great credit scores. How should I go about this, or should I? Answer: As you probably know, […]
Friday’s need-to-know money news
Today’s top story: One credit score factor to check twice during the holidays. Also in the news: How to give back without busting your budget, how not to get hustled in the holiday bustle, and the best apps for tracking your credit card rewards. One Credit Score Factor to Check Twice During the Holidays Utilizing […]
Thursday’s need-to-know money news
Today’s top story: The pros and cons of airline credit cards. Also in the news: How to maximize your points and miles this holiday season, your car crash checklist, and how to maximize the tax benefits that come with medical expenses. Are Airline Credit Cards Worth It? The pros and cons. How to Maximize Your […]
Wednesday’s need-to-know money news
Today’s top story: What to do when your first student loan payment is due. Also in the news: Van life reality check – 7 questions to shape your travels, why you should stop hoarding your credit card points and travel rewards, and how to spend less when you’re moving on short notice. What to Do […]