Ask Liz Weston

February 14, 2023 By Liz Weston

Q&A: Ins and outs of HELOCs

Dear Liz: We have a home equity line of credit through our credit union. I have been paying it down very aggressively and it will be paid off in two months. That is our only debt. I was considering leaving a small ($100) balance. It would cost $7.50 a year to have the loan available but […]

Filed Under: Credit & Debt, Q&A

February 7, 2023 By Liz Weston

This week’s money news

This week’s top story: Smart Money podcast on chatGPT vs. the Nerds, and rental properties. In other news: What new for Medicare is in 2023, economy is improving, but recession risk, inflation still hover, and small-business tax changes and tips to know in 2023. Smart Money Podcast: ChatGPT vs. the Nerds, and Rental Properties This […]

Filed Under: Liz's Blog Tagged With: ChatGPT, economy, inflation, Medicare 2023, recession, rental properties, small-business tax, Smart Money podcast

February 6, 2023 By Liz Weston

Q&A: Taxes on a deceased spouse’s assets

Dear Liz: My dear friend’s husband just passed away and she is immediately selling off all his antiques through an auctioneer. Sales should net well over $100,000 this calendar year. Is there any way to offset the tax hit she will take on this? This will be on top of selling the house in the same […]

Filed Under: Q&A, Taxes

February 6, 2023 By Liz Weston

Q&A: What’s the best way to save for education? A 529 plan or I bonds?

Dear Liz: Please write a comparison of 529 college savings plans versus using I bonds for education. I had given baby gifts of 529 funds to grandkids before they had their first birthdays. But due to market volatility, this year I matched those with I bond funding for the kids. The oldest is now 6, so […]

Filed Under: College Savings, Investing, Kids & Money, Q&A

January 30, 2023 By Liz Weston

This week’s money news

This week’s top story: Smart Money podcast on no-spend month 2.0, and recovering from credit damage. In other news: February mortgage rates on the downslope by end of month, having a conversation about fraud with older adults, and how to save your job from laying off. Smart Money Podcast: No-Spend Month 2.0, and Recovering From […]

Filed Under: Liz's Blog Tagged With: conversation about fraud with older adults, February 2023 mortgage rates, fraud, layoffs, no-spend month, recovering from credit damage, save your jobs

January 30, 2023 By Liz Weston

How to safely use payment apps

As a frequent PayPal user, I wasn’t surprised to see a payment request on the app pop up. But when I read it, I knew something was wrong. In the message, a stranger asked me to send them $699 in order to get a “refund.” While I instantly recognized the request as a scam, I […]

Filed Under: Liz's Blog Tagged With: Cash App, payment apps, PayPal, scam, Venmo, Zelle

January 30, 2023 By Liz Weston

Q&A: Are you trying for a perfect credit score? Maybe you don’t need to

Dear Liz: My credit score fluctuates between 799 and 815. It used to be 850. I always pay my bills in full and on time, and keep the credit utilization low. The only comment I can find about why my credit score isn’t higher is that I lack a loan. I don’t owe any money and […]

Filed Under: Credit Scoring, Q&A

January 30, 2023 By Liz Weston

Q&A: Surviving spouse’s home gains

Dear Liz: If a surviving spouse is selling the couple’s longtime home, are there any special provisions on the long-term capital gains? Answer: When one spouse dies, their half of the home gets a new value for tax purposes. The value is “stepped up” to the current market value, so that the appreciation that happened on that half of […]

Filed Under: Q&A, Real Estate, Taxes

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