Whether you have to report an inheritance on your taxes depends on what you inherit and the subsequent handling of that inheritance. While inheritances themselves are often not subject to federal income tax, certain inherited assets can generate taxable income once they begin producing interest, dividends or distributions. Because inheritance…
Images by GettyImages; Illustration by Jessa Lizama/Bankrate Key takeaways Lower credit scores signal higher risk of default to lenders, so lenders will limit loan amounts. Borrowers with bad credit get approved for unsecured loans with an average amount under $2,000, according to TransUnion data. Adding a cosigner or co-borrower with…
A tax refund often feels like a sudden financial windfall, offering a brief moment of relief. However, instead of treating it as a ticket for a shopping spree, consider using it as the ultimate opportunity for some financial spring cleaning. By strategically channeling your refund, you can effectively pay down…
Moyo Studio/GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways Most personal loan lenders require documents to prove your identity, income, bank account and address. Lenders collect information about your credit score, loan purpose and monthly expenses to determine your eligibility and loan terms. Gathering all necessary documents and information before applying…
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Last year, on the day before Tax Day, my mom was scheduled to fly into Philadelphia International Airport to stay…
The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
With Republicans ending the Grad Plus program, private lenders are eyeing billions in new business, while some students could be…
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Key takeaways A personal loan is money you can borrow in a lump sum with a fixed payment to finance large purchases, consolidate debt or cover emergency expenses. Interest rates, monthly payments and repayment terms vary based on creditworthiness, income and other factors. You’ll get…
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Does a Consumer Proposal Affect My Credit Score? Yes, filing a consumer proposal will affect your credit score. Your score reflects your past…
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These entrepreneurs, traders and investors are making an outsized impact in fintech, crypto and traditional financial services.By Jeff Kauflin, Hank Tucker and Nina…
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How Long Does Collections Stay on My Credit Report? Also keep in mind that just because a lender or agency loses the ability to pursue you legally for a debt, the debt doesn’t automatically disappear. The debt will remain on your credit reports for 6-7 years from the date of…
Vladimir Vladimirov/Getty Images: Illustration by Issiah Davis/Bankrate Key takeaways Under the Equal Credit Opportunity Act, lenders are prohibited from discriminating against applicants because of their age. As a result, older people — like those in other age groups — generally can get mortgages and other home loans if they meet…
How Roth IRA gains are taxed depends on when and why you withdraw the money. You can typically withdraw growth inside a Roth IRA completely tax-free if you meet certain IRS rules. However, early withdrawals or non-qualified distributions may trigger income tax and even penalties. It can be extremely beneficial…
Andria Patino/Getty Images New York is one of the most expensive states to buy a home in the U.S., driven by high prices in New York City, Westchester and Long Island. As of Dec. 2025, the median home sales price has increased 3.6% from the year prior, according to Redfin,…
Reaching your 80s doesn’t automatically mean saying goodbye to income taxes. Many retirees live on fixed incomes and may owe little or nothing to the IRS. However, others with pensions, investment income or retirement withdrawals may still face tax obligations. The key to understanding your tax situation in your later…
I’m a big fan of getting money back from purchases I would have made anyway. I rarely carry cash, use a debit card or write a check. Instead, I used three credit cards for most of my purchases in 2025, and when all was said and done, I earned close…
The IRS generally treats unemployment compensation as taxable income. If you don’t plan for this, or don’t withhold money from your weekly payments, you may owe money when you file your tax return. State tax rules vary, too, which can further impact your final tax bill. Knowing how to report…
Key takeaways Start by identifying your primary banking needs: checking, savings, CDs or specialized services. Avoid banks with excessive fees — average overdraft fees are $26.77, but many banks offer fee-free options. Consider traditional banks, online banks and credit unions, keeping in mind that the latter two may provide better…
Whether you owe taxes or receive a refund comes down to how much tax was withheld from your paychecks, how your income changed over the year, and whether you still qualify for the credits and deductions you may have relied on in the past. If too little tax is withheld…
For most of your working career, the focus of your retirement planning is on accumulating savings and investing that money wisely. As you approach retirement, more attention will go to estimating your income after you stop working, and the kind of lifestyle that this will support. The way to do…
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