Many parents who co-sign a private student loan for a child don’t realize that it can affect their own credit score if they later apply for a mortgage. Having parents co-sign loans has become more popular lately, because it can make it easier to get a loan approved or to get a lower interest rate. Some 94% of private student loans were co-signed in the last academic year, up from only 77% six years ago.
The recovery in the housing market has produced higher prices for single-family homes along with all-time record-high apartment rents. But condominiums have been late to the party. The median sale price for an existing single-family home in the U.S. is now back up to what it was in 2005-2006, before the housing crisis. But the median sale price for an existing condo is still more than $15,000 below its earlier peak.
A home is the largest purchase most families ever make. The vast majority of people wouldn’t hesitate to buy homeowner’s insurance to protect their investment against fire, theft, tornadoes, and so on. Title insurance protects people against losing their home in a different way – through discovering that they don’t actually have all the ownership rights they thought they did. How could such a thing happen? There are a number of ways. For instance, it might
What supporting documentation do you need to claim charitable deductions on your federal income tax return? In general, you can support monetary contributions of any amount with a cancelled check, credit card statement, proof of payroll deduction, or a receipt from the charity. The paperwork must show the organization’s name and the amount and date of your contribution. When you contribute cash of $250 or more, get a written acknowledgement from the charity. The receipt must
Discussing finances with your parents may be a talk none of you are eager to tackle. But addressing the topic can benefit your entire family by clarifying your parents’ wishes and enabling you to help establish a joint plan for carrying those wishes to fruition. Here are questions that can start the dialogue.
Certain tax numbers are adjusted for inflation each year. This year, many of the numbers are unchanged or change only slightly from 2015 amounts. Here are some of the tax numbers to use in your 2016 tax planning.
February 29 – Payers must file information returns, such as Forms 1099, with the IRS. This deadline is extended to March 31 when the forms are filed electronically. February 29 – Employers must send W-2 copies to the Social Security Administration. This deadline is extended to March 31 for electronic filing. March 1 – Farmers and fishermen who did not make 2015 estimated tax payments must file 2015 tax returns and pay taxes in full to
When you’re planning for Medicaid coverage of nursing home care, it’s important to take any IRAs you own into account. Medicaid applicants can retain only a small amount of assets ($2,000 in most states) in order to be eligible for benefits. Certain assets may be exempt from this rule. Whether your IRA is exempt often depends on whether it is in “payout status.” You can put your IRA into payout status starting at age 59½ if you
In most states, if you give your house to your children (or to someone else) and then apply for Medicaid coverage of nursing home care, you can be disqualified for a long period of time. That’s because you’re supposed to spend down your assets on your own care before applying for Medicaid, not give them away. But there is an important exception that allows you to give your home to your children in certain circumstances.
A new federal law will help many seniors with a costly Medicare loophole that often results in their not being covered for a stay in a nursing home. It won’t make the stay covered, but it will at least put seniors on notice if a stay isn’t covered, so they can plan accordingly and won’t be hit with a nasty surprise. Here’s the problem: Medicare covers nursing home stays for the first 20 days, so long
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