Tag: finance

 

 

Coverdell Education Savings Accounts (ESAs) were originally established in 1997 and called “Education IRAs.” They are investment trust accounts created to pay qualified education expenses, including primary, secondary, and postsecondary education, for a designated beneficiary. The beneficiary of the account must be under the age of 18 at the time of the contribution and the contributor’s income must meet specific annual income guidelines. Total ESA contributions per child under age 18 may not exceed $2,000 per year.

Income phaseouts apply …

If you gave any one person gifts valued at more than $14,000 (2017 figure), it is necessary to report the total gift to the Internal Revenue Service. You may even have to pay tax on the gift. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value.

You make a gift when you give property, including money, or the use or income from property, without …

Yes. Assuming you can itemize deductions using Form 1040-Schedule A, non-cash donations are just as valuable as cash donations. Find some time to gather old clothes, kitchen gadgets, sports equipment, and other closet clutter that someone else could use, donate these items to a qualified chjarity, and you can receive a valuable tax deduction.

Come up with $600 worth of used items to give to your favorite charity, for instance, and you can cut your tax bill by $150 if …

 

Legislation went into effect July 1, 1999, requiring automatic termination of PMI when a homeowner has paid at least 20 percent of the home’s value for loans made after July 29, 1999. High-risk borrowers (such as those with poor credit histories and reduced documentation loans) may have to make PMI payments until they reach 50 percent equity. If you believe that you have reached the 20% home equity mark and your PMI payments have not been discontinued, speak to your …