Early Withdrawal Penalties at Major Banks bank One-year CD penalty Five-year CD penalty Ally 60 days of interest 150 days of interest Bank of America 90 days of interest 365 days of interest Capital one Three months of interest Six months of interest Chase 180 days of interest 365 days of interest Discover six months … Read more
Key Takeaways Tax-loss harvesting involves offsetting capital gains with capital losses so that little or no capital gains tax comes due. Investors might intentionally sell some securities at a loss to achieve this when they have significant gains. Losses can offset regular income by up to $3,000 when they exceed gains. Any losses over the … Read more
Definition and Examples of Amortization Amortization is the way loan payments are applied to certain types of loans. Typically, the monthly payment remains the same, and it’s divided among interest costs (what your lender gets paid for the loan), reducing your loan balance (also known as “paying off the principal loan”), and other expenses like … Read more
Key Takeaways An insurance declaration page sums up what is in an insurance policy. It comes at the start of policy paperwork and contains information such as your deductible, coverage, discounts, and more. You should check your dec page for errors as soon as you get it. Errors may make it hard to file a … Read more
One of the biggest investments you will ever make is your home. In the event of an unexpected loss, you need a homeowner’s insurance company you can depend on to restore your home and its contents to their previous condition. One company that deserves consideration for your homeowner’s insurance needs is Shelter Insurance. Shelter Insurance … Read more
Whole life insurance is a type of permanent coverage that’s offered in a range of “styles” to suit different needs. Since permanent coverage, including whole life, is more expensive than temporary or “term” coverage, many of the different types of whole life insurance have evolved to help owners manage the cost of premiums. But other … Read more
Starter home Forever home Definition A home you plan to own for a short period before buying another one The only home you plan to buy Home features May have drawbacks in size, location, or other features Must meet both current and future needs Cost Typically cheaper Typically more expensive Mortgage May prefer an ARM … Read more
Highlights Has more than 20 years of experience as a business writer and editor, covering everything form the business of media to high-level economics Former editor in charge of technology, media, and telecom at Thomson Reuters You have managed, built, and led teams at some of the world’s largest corporations and media organizations, including New … Read more
Highlights More than 10 years of experience as a journalist covering topics like personal finance, parents, and mental health Former marketing and communications professional at a real estate company Host of local workshops discussing financial and contractual advice for freelance professionals Has writing expertise focused on the intersection of personal finance, race, and culture experience … Read more
Key Takeaways A higher unrecaptured Section 1250 tax rate applies to long-term capital gains for which a taxpayer has previously claimed depreciation. The IRC requires that claimed depreciation must be factored back in to arrive at an adjusted cost basis for calculating the amount of a capital gain. The Section 1250 rate is usually 20%, … Read more