The first potential glitch of tax season involves new concerns about the accuracy of some letters that the IRS is sending out relating to the child tax credit.
The Internal Revenue Service said it is reviewing complaints by some taxpayers who say that the IRS Letter 6419 sent to them spells out the wrong dollar amount for what the families ...Read more
In what even the U.S. Treasury says will be a frustrating tax season, families claiming the child tax credit and newly self-employed Americans are among filers likely to see the biggest challenges this year.
The season starts Monday, and while Internal Revenue Service teams have been working “non-stop” for several months, years of funding ...Read more
Years in the making, California's CalSavers retirement savings program is available now to hundreds of thousands of workers whose employers don't offer pensions or 401(k) plans.
The program is the state's response to a looming threat to its aging population: Millions of California workers, especially those in lower-wage jobs, have stashed away ...Read more
Parents are flooded with paperwork every single day of the year. But this year, they absolutely want to keep track of one key letter — Letter 6419, to be sent to you by none other than the Internal Revenue Service.
Do not throw this letter away. Keep this letter with all of your other important tax paperwork, including your W-2s. Repeat, keep...Read more
The pandemic may not have spawned an all-out urban exodus, but it has driven some residents of America’s most populous state to seek shelter elsewhere.
California, with its increasingly unaffordable locales and worsening housing shortage, had a net population loss of about 173,000 people between July 1, 2020, and July 1, 2021. Move-outs weren...Read more
Q: I cosigned a home loan for my son. Will my wife or other heirs be responsible for the debt if he defaults after my death? —Carl
A: Last week, we discussed that a home loan is split into two parts, the promissory note where the borrowers promise to repay the loan and the mortgage that uses the home as collateral to make sure the loan is ...Read more
On a recent Saturday afternoon, real estate agent Bonnie Heatzig was escorting her clients, visiting from Washington, D.C., on a tour of luxury properties in Boca Raton.
But instead of stepping into her car for the start of the tour, they hopped into her family’s boat for a sunny two hour jaunt around Boca’s waterways and exclusive ...Read more
TALLAHASSEE — As rents skyrocket, startup companies are touting what they consider to be a helpful solution to hefty security deposits pricing Floridians out of apartments.
Instead of forking over an upfront security deposit, tenants can agree to pay a monthly fee — typically about $25.
But there’s a catch: The money isn’t refundable ...Read more
Depressed housing inventory curbed U.S. sales of previously owned homes at the end of the strongest year since 2006, and a recent spike in mortgage rates risks a further tempering of purchases.
Contract closings decreased 4.6% in December from the prior month to an annualized 6.18 million, figures from the National Association of Realtors ...Read more
All the big unknowns surrounding the rapid jump in inflation — including how high consumer prices will go and how quickly the Fed will raise interest rates — have put the mortgage market on high alert in early 2022.
"Rates have gone up rather quickly and there's still a little upward movement going on," said Keith Gumbinger, vice president ...Read more
Buying a condo in an older South Florida high-rise? For people who want to finance their deal, it’ll be getting tougher to take out a loan backed by Fannie Mae or Freddie Mac, the government-sponsored enterprises that make mortgages available to low- to moderate-income borrowers.
Reacting to last year’s tragic collapse of the Champlain ...Read more
General Motors, which first introduced its branded credit card 30 years ago, is moving to a new digital platform and partnership with Marcus by Goldman Sachs.
"Points earned today can be redeemed tomorrow," John Lazzati, managing director for consumer cards at Marcus by Goldman Sachs, said in a press call last week, announcing the major change....Read more
A new study by the real-estate firm Zillow found that nearly 20% of Black mortgage applications nationwide were denied in 2020, nearly twice the rate of white applications.
Nationwide, the study found that Black mortgage applicants were turned down 84% more than white applicants, up from 74% in 2019.
While 20.5% of Black mortgage applications ...Read more
Many parents might be looking for money from the child tax credit payment this January but they're not going to see it arrive Jan. 15 or shortly afterwards.
What's more likely to show up is a tax letter from the Internal Revenue Service related to the child tax credit. Don't pitch it.
You might not be expecting to see a notice from the IRS but...Read more
Vanguard CEO Mortimer "Tim" Buckley and two top strategists at the firm said investors should expect the stock market to post far more modest returns over the coming decade compared with recent years while offering a guarded but positive outlook for the global economic recovery.
Over the next decade, investors should expect 2% to 4% U.S. equity...Read more
Senate Democrats on Thursday pressed Sandra Thompson, the president’s nominee to run the Federal Housing Finance Agency, on how to leverage the agency to close the racial gap in homeownership.
Senate Banking Chairman Sherrod Brown, D-Ohio, said Thompson would have a major role to play in closing the gap, as well as preserving affordable ...Read more
Sticker shock in the Midwest continued at a slightly faster pace than the rest of the nation.
The consumer price index jumped by 7.5% in December from a year ago in the Midwest. That was the highest spike for all regions of the country.
By contrast, the CPI soared 7% in December for the country from a year ago — reaching a nearly 40-year ...Read more
Q: My father had a deed recorded that makes him and his friend co-own a house as joint tenants with rights of survivorship. He named me as the executor of his will. The property has a mortgage that is only in my father’s name. If there is still money owed on the mortgage when he dies, and his friend gets the house, will his estate get stuck ...Read more
As swelling homeless encampments continue to overwhelm California, one big city mayor has a bold idea: A legal mandate that would force governments to house each and every one of their residents.
Mayor Darrell Steinberg is pushing a “right to housing” ordinance in Sacramento that he hopes will spark similar measures throughout California. ...Read more
Wichita is the most affordable U.S. city for a single person to rent an apartment, an analysis of 1.2 million studio apartment listings has concluded.
The RentHop Singles Index ranks cities based on the median cost of a studio apartment relative to the average salary of single people who live there.
Researchers for the apartment rental service...Read more
- Don't have a 401(k) through work? Californians have CalSavers and other options
- Susan Tompor: 5 things to know about IRS Letter 6419 and the child tax credit
- California transplants overwhelming other housing markets? Maybe not
- Florida condo collapse drives Fannie Mae to toughen loan standards on older buildings
- Susan Tompor: Child tax credit money a no show in January; look for IRS letter instead