The IRS treats a Pell grant as a scholarship, which means it's possible that you'll have to report the grant money on your tax return and maybe even pay income tax on the money.
At its most basic, an interest-only mortgage is one where you only make interest payments for the first several years—typically five or 10—and once that period ends, you begin to pay both principal and interest. If you want to make principal payments during the interest-only period, you ...
A mortgage escrow account can be a good budgeting tool. It ensures that your property taxes and mortgage insurance premiums will be paid on time and in the proper amounts. By putting money toward these bills each month, you avoid a big expense each quarter or year. And there’s the conve...
There's no clear-cut strategy for dealing with today's high mortgage interest rates. The right move for you will depend on your goals, your budget and your personal situation, so make sure to talk to a mortgage professional before deciding how to proceed. And once you do decide to move ...
It may seem a no-brainer, but you can always just pay off your reverse mortgage balance if you are able. You must pay back the entire loan amount plus all current interest charges. To do this, you could opt for a lump sum or pay back in installments. But once it is paid, no mor...
Pay interest on a mortgage or property tax? Both are deductible. The state and local property, income, and sales taxes (SALT) deduction is capped at $10,000. Buy an electric or plug-in electric vehicle? You may be eligible for anelectric vehicle tax credit from the IRS(and potentially ...
Paying Quarterly Estimated Taxes You shouldn’t wait until the end of the year to pay your self-employment tax and income tax on your business income, or else you might owe interest and penalties. The IRS wants you to estimate your taxes and pay as you go, four times a year. ...
Remember that it influences other interest rates, which means you'll feel its impact on any debt you may have, whether it be apersonal loanorcredit card Inflation and Deflation Any economic instability caused by inflation or deflation goes against the Federal Reserve's dual mandate. When the ec...
If you know you're going to be evicted,movingbefore the formal process begins is a good idea. That’s because having an eviction on your record could make it more difficult torent a propertyin the future. “You may have to disclose it on a rental application,” Moore says. And a prior...
In fact, an interest rate that’s even a half-point lower could potentially make a dent in your monthly mortgage payment—money that you could put toward other purposes. Your first step is to decide if you’re a good candidate for a refinance. Because no two situations are the same, Mc...