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Monthly Archives: April 2013
  • How can I avoid state taxes if I retire overseas?

    If I retire overseas, can I lower my taxes by declaring residency in any state I want? — C. Czuchna, Gainesville, Va.

    Not quite. You can't just declare residency; you have to live there before taking off. Steps to show you've really moved to the no-income-tax state of your dreams (such as Florida, Nevada, or Texas): buying a home (and selling your old one), getting a driver's license, and registering to vote.

    Do MORE

    Apr 27, 2013 6:30 AM ET
    Posted in: Retirement, Taxes
  • How much umbrella insurance do I need?

    How do I know whether my umbrella policy coverage is right? I don't want it to be too large or too small. — R. King, Tampa

    Base your umbrella policy—which insures you for amounts beyond the coverage of your other insurance — on the value of your assets. Why? In a lawsuit (say, after a serious collision), lawyers will aim for your available assets but probably settle for a comparable insurance amount. MORE

    Apr 20, 2013 6:30 AM ET
    Posted in: Family Money
  • Can I use 401(k) money tax-free to buy a home?

    Can I take money tax-free from my 401(k) for a down payment on a home? — Dev Ananth, Plano, Texas

    You may be able to pull money out, but you can't avoid taxes. And that's not the only downside.

    Most plans let you borrow half of your savings, or $50,000 (whichever is less); you'll repay that with after-tax dollars — not the untaxed dollars you contributed originally. Leave your job without repaying and MORE

    Apr 13, 2013 6:30 AM ET
  • Must I report interest on a loan to my child?

    I have made a formal loan to my adult child. Do I have to report the interest I receive as income? — J.H., Texas

    Yes, interest you earn on a personal loan is taxable and should be reported to the IRS. The figure goes on line 8a of your 1040; if all your taxable interest income in a year exceeds $1,500, you also have to file Schedule B, which records interest and MORE

    Apr 6, 2013 6:30 AM ET
    Posted in: Family Money, Taxes
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