You can deduct interest on student loans you took out for yourself, your spouse (if you file jointly), or your dependents. That means parents can take the deduction. But be aware: parents can only take the deduction if they themselves are liable for the loan. If you are just helping you...
Learn how to file back taxes, including when and why you need to file them. Get step-by-step guidance on gathering past tax documents, filling out the correct forms, submitting them to the IRS, and tips to minimize penalties and interest charges.
Do I have to pay taxes on a $20,000 gift? You do not need to file a gift tax return or pay gift taxes if your gift is under the annual gift tax exclusion amount per person ($18,000 in 2024). But even if you do exceed that amount, you don’t necessarily need to pay the gif...
It’s essential to note that eligibility criteria and requirements can vary for each type of student loan cancellation. Some programs may only apply to federal student loans, while others may also include private loans. Additionally, specific documentation and application processes must be followed to...
Advice on credit, loans, budgeting, taxes, retirement and other money matters. You May Also Like Best Ways to Spend Your Tax Refund Experts recommend leveraging that extra money to bulk up your emergency savings or pay down your debt. Emily ShermanFeb. 18, 2025 IRS Offer in Compromise: Wha...
These bills include mortgages, student loans, car loans, credit cards, utilities, cell phone bills, insurance premiums, etc. Besides credit scores, what else do mortgage lenders look at? Your credit score is a main factor that lenders look at when qualifying you for a mortgage, but it’...
Add extra cash to your wallet with a variety of creative strategies. Erica SandbergJan. 13, 2025 4 Secrets to Booking Cheap Airfare Flight prices fluctuate depending on the travel date, destination, booking date and more. Here's how to snag cheap airfare. ...
To work out the value of your estate, you should add up the value of all your assets and cash. This includes things like properties, cars, land, possessions, shares and insurance policy payouts. Then, you need to subtract the value of outstanding debts such as mortgages and loans, includi...
One worthy use for inherited money is paying down your debts, particularly high-interest debt such ascredit cards. Lower-interest debt, such asstudent loansor a homemortgage, is more of a judgment call. Perhaps you feel strongly that you need to have no debt at all. Or perhaps you'd rat...
If you're in your 30s, you've likely gotten out of thoseentry-levelpay grades. But life may be more complicated now. You might be married, have children, maybe a home, and you're probably still paying off your student loans. With everything from the mortgage to soccer cleats to an ...