With today’s economy, many families continue to struggle; only the older generation may be in a position to have disposable income. If grandparents are able and willing to help their children and gr...

If you’re raising children, they may give back to you in the form of tax deductions and credits. Here are some tax breaks you may be entitled to just because they’re your children and you’re sup...

A parent can usually claim a dependency exemption for his or her child. This write-off is a deduction of $3,800 in 2012 and $3,900 in 2013. When parents of a child are no longer married, which parent ...

Taxes usually aren’t on your mind in the summertime. You’ve already filed your 2011 return or obtained an extension and do not have to do so until October. However, there are some actions you may ...

Most trusts are set up to start operating as soon as the paperwork is signed. However, you may foresee a need for a trust in the future and want to create it now so it can operate according to your wi...

A spendthrift is a person who spends money recklessly or wastefully. When someone sets up a trust for such a person, it's usually a good idea to give the trustee (the person overseeing the management ...

Tax terminology may sound complicated. It isn't once you understand some basic terms. Here are a dozen of the common terms to help you.Adjusted gross income or AGI...

A family limited partnership (FLP) is a partnership in which the general partnership interest is usually held by a senior family member, with limited partnership interests owned by younger or junior f...

Affluent couples may own more than one home. If they split up, one spouse may wind up with the couple's main home while the other gets the vacation property. What are the tax results of this or other ...

The tax law lets you receive tax-free income when you sell your main home-capital gain up to $250,000 ($500,000 on a joint return) is not taxed. However, prices today are much higher than they were 10...

Your home may be your single largest asset. However, this asset, as grand as it may be, is highly illiquid — you can't easily use it as a source of income. There are certain strategies that can ...

The stock market fluctuates, sometimes in dramatic swings, which can change the value of a 401(k) account considerably. One day you feel rich, the next day poor. Either way, it is still a good idea to...

One of the biggest breaks in the tax law is the opportunity to receive tax-free income when you sell your home-up to $250,000 of gain can be tax free ($500,000 on a joint return). Qualifying for this ...

You may be able to generate income by renting out your main home or a second home for part of the year. For instance, say you own a beachfront condo in Miami or a house on Cape Cod. If you're willing ...

Some seniors face a cash crunch even though they're sitting on considerable equity in their home. They don't want to take out a new mortgage because they may not be able to make the monthly payments. ...

Interest on personal credit card debt is not deductible. However, homeowners are in a unique position to reduce their monthly payments and at the same time transform this debt into a tax deduction. He...

If your home is too big for you and your family, you may decide to rent out a room or other living space for rental income. For instance, say you have a two-family home, so you rent out one unit. The ...

Typically, the money for a down payment and closing costs to buy a home comes from personal savings or the proceeds from the sale of a prior home. This may not be enough. Saving enough cash to buy the...

Homeowner's insurance may not cover all of your losses resulting from a storm or other unexpected catastrophe. Fortunately, the tax law can help by allowing you to deduct the uninsured loss. Here's wh...

For PMI obtained only in 2007, the premiums are treated as interest deductible as an itemized deduction as long as the homeowner's adjusted gross income (AGI) is no more than $100,000 (the deduction p...