Dear Liz: I am a beneficiary of my father’s brokerage account. Upon his death, the brokerage company closed his account and transferred all of the equities to me in a new account. How will I know the cost basis for capital gains purposes when I sell the stocks? Answer: You will use the value of the stocks […]
Recent Blog Posts
Which Social Security benefit? It depends.
Dear Liz: I am 61 and retired. My husband recently died at age 61 and he was still working at the time of his death. He’s always made more money than I did. I’ve been told that I can start getting Social Security after I turn 62 and when I turn 67 I can apply for […]
Does this church pastor need to confess to the IRS?
Dear Liz: As a recent member of our church board, I just discovered our church hasn’t been paying Social Security or Medicare taxes for our pastor. I checked with our pastor and he hasn’t been making any payments either. This has been going on for six years. How do we recover? Answer: Clergy are generally exempt from […]
Q&A: Appliances getting old? Consider shopping now to avoid tariffs
Dear Liz: President-elect Donald Trump’s proposed tariffs have me wondering if now is the time to purchase new kitchen appliances, something I have long delayed doing. If he follows through on his plans, I don’t know how long it would be before the new tariffs take effect. Answer: Tariffs of up to 100% on imported products could […]
Q&A: A husband is deported, leaving his American wife with questions about tax filings
Dear Liz: I am a 56-year-old married U.S. citizen. My husband of six years was deported to the United Kingdom. Appeals to U.S. Citizenship and Immigration Services were denied. He can never return. I remain in the U.S. and will do so at least until I retire, likely at age 72. What status should I claim […]
Q&A: Why Every Adult Needs a Financial and Healthcare Power of Attorney
Dear Liz: Please tell your audience that if they have any bank accounts, loans, credit cards or utilities, they should legally appoint someone to make decisions for them if they should become ill or injured. The backstory: My then-40-year-old son went to the hospital with a stomachache. He fortunately told the hospital I could make healthcare […]