Average individual student loan balances in the United States increased to over $38,000 in 2020 according to Experian, the credit reporting company. This is a tremendous amount of debt that students take on to further their education and improve their career opportunities upon graduation. When the pandemic hit, many recent graduates lost their jobs as a result of the worldwide disruption. This left many borrowers without income to repay their student loans and wondering if there would be any COVID-19 student loan repayment relief available to them.  President Trump introduced loan forbearance in 2020 to provide temporary help. President Biden has extended this protection and has also raised the possibility of more extensive loan forgiveness as an option in these unprecedented times. Here is what you should know about COVID-19 student loan relief. Need a break on your student loan payments? Make a free Hardship Letter to send to your lender. We make it affordable and simple. Get started now re federal student loan payments suspended during the pandemic? The CARES Act, signed into law in March 2020, offered a temporary pause in federal student loan payments due to the pandemic. This pause lasted through September 30, 2020. Further extensions by President Trump left the suspension in place through January 31, 2021. As a result, payments on federal student loans were not required for most of 2020.  When President Biden took office, one of his first actions was extending this pause through September 30, 2021. The pause has now been extended once again through January 31, 2022. This gives former students even more breathing room to focus on their pandemic financial needs for the time being. re payments on private student loans suspended during the pandemic? The laws signed by President Trump and President Biden extend only to federal loan

No one wants to think about dying, especially when young and healthy, but tomorrow is never guaranteed. Leaving this world unprepared can result in confusion and expense for your surviving loved ones. That’s why it’s important to consider your Last Will and Testament as part of your broader financial plan, even though it won’t take effect until after you die.  Your estate — which includes your assets and financial affairs — will, by definition, outlive you. So it makes sense to treat your estate with the same care and planning that goes into your career choices, investments, and retirement plan. No, you can’t take it with you, but wouldn’t you rather have a say in how your estate is handled after your death, as opposed to leaving it up to the courts? Let’s discuss the importance of drafting a Will, what’s involved, and how your Will fits into your broader financial plan.  Got a legal question? Get legal advice in minutes. Real Lawyers. Real Answers. Right Now. Get your answer What exactly is a Will? A Last Will and Testament — often just called a Will — is a legally binding document where you leave instructions for how your money, property, and other assets should be handled after your death. It’s also an opportunity to pass on items of sentimental value or personal messages to loved ones. Your Will doesn’t take effect until you die. To write a valid Will, you must be mentally competent. This means, for example, that you may not sign a Will if you have been diagnosed with dementia. In most states, you will need at least two witnesses who are 18 or older to observe your signing of the Will and vouch for your mental competence. Although there are instances when it may make sense

The short answer is “yes.” In most cases, the IRS and your local tax agencies expect tax payments for gains received on larger transactions. While the details of private sales transactions may be difficult for tax agencies to track, legally you are obligated to report your capital gains on items you sell and to pay local taxes on items you purchase. Got a tax question? File confidently with legal advice from Rocket Lawyer On Call® attorneys and tax advice from our partners and friends. Get your answer Tax obligations when you sell a car If you sell a personal vehicle (car, truck, motorcycle, boat or other vehicle for personal use) for a loss, the IRS is generally not interested in the transaction. However, if you sold the car for a profit, you should report that profit as a capital gain. The gain will be classified as either “short term” or “long term,” depending on how long you owned the vehicle. An IRS Schedule D is used to report your capital gains and includes worksheets to help you determine your adjusted cost basis, so you can properly report net gains or losses. If you put a lot of permanent work into improving the vehicle, you may be able to deduct some of those costs from the gain to help reduce your tax obligation. If you sell quite a few vehicles, the IRS may have reason to believe you are in the professional car sales business. Of course, if you are in the car sales business, you’ll want to report your income taxes, capital gains taxes, and business taxes appropriately to avoid issues with the IRS. Tax obligation when you buy a car through a private sale When you purchase a vehicle through a private sale, you must pay the associated local