Dear Liz: I have been making interest-only payments on a home equity line of credit but starting in January the payments will increase to include principle. I would like to do a cash-out refinance of my first mortgage (I owe about $190,000) to pay off the HELOC (on which I owe $140,000). My home is worth […]
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Q&A: Tax implications of parents paying off a child’s loans?
Dear Liz: My wife and I co-signed for student loans for our daughter. My daughter made payments on these loans since she graduated from college four years ago. My wife and I just paid off the loan balance, which was $22,000. Is our payment considered a gift to our daughter? Answer: Yes, but your gift […]
Outrage after outrage
Yesterday Equifax broke the news hackers gained access to the Social Security numbers and other sensitive personal information for 143 million Americans (a group that apparently includes me, my husband, our daughter and probably you). Because that wasn’t enough, today the outrages just continued: The breach was discovered at the end of July. What was […]
Thursday’s need-to-know money news
Today’s top story: Americans favor debit over credit for their go-to card. Also in the news: How to choose a cash-back credit card, how to get an SBA disaster loan for your business, and the costly mistake people make when using debit cards. Americans Favor Debit Over Credit for Their Go-To Card The results are […]
Wednesday’s need-to-know money news
Today’s top story: 10-word answers to your biggest hurricane insurance questions. Also in the news: How to prepare before a hurricane hits, ditching debt when you’re newly single, and how to bring up money for the first time. 10-Word Answers to Your Biggest Hurricane Insurance Questions What you need to know. How to Prepare Before […]
Tuesday’s need-to-know money news
Today’s top story: 5 things debt collectors can’t do – and 5 they can. Also in the news: The pros and cons of dropshipping, protecting intellectual property, and how to choose a rewards credit card. 5 Things Debt Collectors Can’t Do — and 5 They Can Learn the limits. Dropshipping Cuts Your Inventory — and […]