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Can I cut property taxes by reducing my home's usable space?
I own a home in Connecticut. I'm currently paying taxes on rooms that I don't use or need. For instance, I finished a bonus room over my garage and fifth bedroom in my attic with heat and sheetrock. Can I "unconvert" these unnecessary rooms to lower my property taxes? – Debra L.
Yes, you can — but it may not make sense to do so. As Newton Buckner, partner at Hartford, MORE
Dec 28, 2012 6:30 AM ETPosted in: Real Estate, Taxes -
Will I owe tax if I buy my sister a house?
I want to pay cash to buy my sister a $110,000 house where she can live in retirement. Should I title it in her name, my name, or both her name and mine? What are gift tax or other tax consequences? We are both in Ohio. — Frank M.
Ultimately the decision of whether or not you give a house to your sister is a personal one. But Gerald Townsend, a MORE
Dec 27, 2012 6:30 AM ETPosted in: Real Estate, Taxes -
How do you get pension payout estimates?
My husband was downsized a year ago. He is eligible to start taking a pension from his former company, but they refuse to give him any information with regard to projections. How do we decide when to start his pension if they won't tell him the difference in payout for year 62, 65, etc.? — M. Anderson
If you haven't done so already, refer to the section in your husband's summary MORE
Dec 26, 2012 6:30 AM ETPosted in: Retirement -
What taxes do you owe on a $13,000 gift?
If I give someone a gift over $13,000, what taxes will each of us owe? — Margaret G., Raleigh, N.C.
Good news about the oft-puzzling gift tax: Whatever the size of your gift, the recipient neither owes tax nor needs to report it. You, the giver, have to file Form 709 for a gift over the IRS' annual per-recipient limit ($13,000 in 2012 and rising to $14,000 next year). But you won't MORE
Dec 25, 2012 6:30 AM ETPosted in: Family Money, Taxes -
Will I owe taxes on gold and silver coins?
Do you pay a tax on silver or gold coins when purchased or sold? What are some of the advantages and disadvantages of gold and silver coins as an investment? —Vernon
When you buy coins, you may owe sales tax, depending on which state you buy in. But selling triggers a very different tax, says Rob Chapman, founder of Rochester, N.Y.-based advisory firm Compass Wealth. Because the IRS considers precious metals MORE
Dec 24, 2012 6:30 AM ET
Got a question about your money? We want to hear it! Each week we're answering your questions on CNN, Headline News and CNNMoney.com.
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Hurt by low interest rates, retirees should consider steering their portfolios beyond bonds, according to Rob and Tom Fross at Fross & Fross Wealth Management. Play -
First, stay calm. Then get all your documentation together to prove your case to the IRS. Play -
Home staging is the process of renovating your house to increase its value and sell it faster. Play -
Don't let credit card debt accrued over the holiday season linger by using a few key tips to help pay down your balance. Play
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