My daughter is planning to start at the University of Illinois at Chicago this fall. She did not qualify for assistance, due to my income level. The college is giving her $5,500, leaving her with a balance of $27,912 per year. My wife and I cannot afford to pay any portion of her tuition and we have no savings. When she was turned down for Stafford loans the loan officers MOREJul 20, 2012 10:43 AM ET
I understand the tax code may have major changes next year, especially where inheritance and gift taxes are concerned. How do you decide how much you can gift while alive to lower estate taxes? — Elinor A.
If Congress doesn't extend the tax law provisions set to expire at the end of 2012, there will indeed be changes to the gift and estate tax rates and exclusion amounts, says Gil Charney, MOREJul 19, 2012 6:30 AM ET
Could you tell me the easiest way to get an updated Social Security statement? When I called on the phone I was put on hold and never got through. ― Bruce C.
The Social Security Administration's new online statement is the best way to keep track of your Social Security information, according to Kia Green of the SSA's press office.
Go to www.socialsecurity.gov and click on the "Get Your Social Security Statement MOREJul 18, 2012 4:25 PM ET
My 93-year-old mother has a $29,000 capital loss carryover on her taxes. She will probably never live long enough to get the credit. Her main asset is an annuity that has grown over the years. Is there any way to use the capital loss to offset the gains or dividend income from the annuity? — Doris
The answer is a bit complicated, says Gil Charney, principal tax researcher at the Tax MOREJul 17, 2012 1:03 PM ET
A friend of mine has been trying to sell her house for four years with no luck. She is in her eighties and has used up nearly all her money making house payments. If she goes into foreclosure, can the bank or government demand her Social Security or IRA savings as payment for what she owes? — Ted R.
If the bank forecloses on your friend, in most cases it will take MOREJul 16, 2012 5:30 AM ET
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