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Most married couples take their special tax benefits as property owners for granted. But gay and lesbian couples who tie the knot in California or Massachusetts may not be able to take full advantage of certain property-related tax breaks because federal law doesn’t recognize their marriages.- advertisement -

California and Massachusetts now consider so-called “same-sex” marriages to be equivalent to traditional, now so-called “opposite sex,” marriages. However, federal agencies, such as the Internal Revenue Service, must take their cue from the 1996 Defense of Marriage Act, or DOMA, according to John W. Roth, a senior tax analyst with tax-software provider CHH Group. DOMA stipulates that only a marriage between a man and a woman is valid in the U.S.

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At a petite 5′2,” Alyssa Milano looks like your typical Los Angeleno in jeans, sporting tattoos in various places. But the 35-year-old actress is anything but an average woman.- advertisement -

She recently returned from one of her trips on behalf of UNICEF, and last year, as founding ambassador, donated $250,000 of her own money to the Global Network for Neglected Tropical Diseases Control.

Her humanitarianism includes South Africa, where she raised nearly $50,000 for South African women and children with AIDS by selling her own photography along with the works of others.

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Dear Terry,
My girlfriend drives a 2005 Jeep Wrangler that eats gas like no other — she gets 14 miles per gallon in the city and 18 mpg on the highway. She currently owes $20,000 with a 16 percent annual percentage rate and now wants to sell her vehicle or trade it in for a Toyota Prius.
She has $2,000 for a down payment, but in the end she will still be in an upside-down situation. Do you have any creative ideas on acquiring a new Prius that is gas-efficient with this scenario?
— Tomas

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Dear Terry,
I purchased a vehicle in late October and decided the next day I didn’t want it! I talked to the dealer, but he said he can’t take it back. Well, he also put in the contract that I put $800 down when I didn’t. I also didn’t sign a promissory note. I just want out of the contract. Is it possible?
— Malcolm

Dear Malcolm,
Unfortunately, contracts for cars are binding once they are signed and the vehicle is delivered.

You say you didn’t sign a promissory note, so exactly how was the car to be paid for? And if you didn’t pay $800 down, did you give the dealer a trade or some other form of collateral?

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Dear Terry,
I am 19 years old with a credit score of 694. I have one credit card with a $1,000 limit. I have paid the balance in full every month during the seven months I’ve had the card. This is the only credit or debt I have.
I gross about $1,400 a month at my job, which I have been at for two years as of next month. I also just got a raise. I attend college full time and work 34 hours a week.

I am looking into purchasing a new car. I currently own a 2000 Honda Civic with about 135,000 miles and an estimated trade-in value of $4,000. My parents will not co-sign on a loan for me. The loan amount I will need will be $13,000.

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In honor of Father’s Day, Bankrate readers share the most useful advice their dads ever gave them. Here are some of the best. Some are funny, some sad, but all of them useful — so listen to these fathers.

Tough for a reason
When I started driving, my dad provided a vehicle (not new and definitely not pretty) for me to drive. It was my responsibility to pay the insurance and gas. This was my first true expense, and it really taught me that I had to work for what I got. There was many a day when the gas tank was empty and I walked or rode my bike until payday.

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This year, instead of scrambling to consolidate student loans by July 1, the smart money is on waiting until after that date — because interest rates are expected to drop. - advertisement -

The catch: Fewer lenders are offering loan consolidation.

Every July 1, interest rates reset for the year for variable rate Stafford loans for students and PLUS loans for parents. Stafford and PLUS loans made after July 1, 2006 are at fixed rates and not subject to consolidation.

Interest rates on the older loans are tied to the interest on three-month Treasury bills based on the last auction in May. Until this year, interest rates have risen every year.

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Dear Terry,
We may be in need of a third car for several months because of our son’s summer job and, possibly, school-year internship. We don’t really want to lease a vehicle for three years but need the car for more than just a few days’ rental.
Is there something in-between the usual leasing and renting programs that would work for us?
— Beth

Dear Beth,
I would check some local car rental companies not affiliated with the national chains. They often can offer a month-to-month rental. (more…)

Higher loan limits, set by the federal government as part of an economic stimulus package early this year, were supposed to make jumbo loans more affordable in expensive housing markets. Rates finally have come down on these so-called “jumbo conforming” mortgages, though these loans likely will remain hard to get for most borrowers.- advertisement -

Jumbo-conforming loans range in size from $417,000 to nearly $730,000 and are especially important in expensive housing markets. A small condominium or modest first home can cost upward of $500,000 in markets such as Los Angeles, San Francisco, Alexandria, Va., New York and other costly locales.

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With gas prices at a record high, fuel costs are draining the wallets of many. Where do you pinch pennies to siphon extra cash into your tank? Are you pulling from your savings or your entertainment budget?- advertisement -

What if you didn’t need to spend any more on gas than you did a year ago, even in the face of these prices?

Through our newsletter, we recently asked Bankrate readers how they were coping with rising gas prices. In their replies, many said they shucked their automobiles — or at least greatly reduced the amount of time they spend behind the wheel.

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A Miami-based company this month has taken the unusual step of providing motorists with a hedge against rising gasoline prices.

However, it also has generated major controversy about whether or not the service is a scam.

MyGallons.com is offering drivers the chance to pre-buy gasoline at the current price and fill up later when prices — presumably — are higher.

Much of the blame for rising gasoline prices has been attributed to oil speculators who are betting a future barrel of crude will cost even more than it does now.

Drivers have been left at the mercy of such speculators because few can play the futures game and cash in on ever higher oil prices.

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Dear Terry,
I have a loaded 2004 Kia Sorento that went from a lease to a loan with three years left on payments. I need something a little smaller and more economical with payments not more than $300 a month. Is this possible?
— Karen Haggas

Dear Karen,
To get to $300 a month in payments, you’re looking at a loan of $15,000 for 60 months. There are a number of fuel-efficient vehicles you can get in that price range, such as the Toyota Yaris. The big question here is whether you have any equity in the Kia Sorento and whether you’ll have to pay that off first. (more…)

In these days of tighter credit in virtually all markets, consumers with less-than-perfect credit who shop new car dealerships are increasingly being steered to used vehicles rather than new vehicles.

The reason is that someone with a relatively low credit score — usually less than 700 — may not qualify for the higher monthly payment of a new vehicle.

A salesperson who doesn’t want to lose the customer may recommend a “certified” used vehicle. Typically, such a vehicle is no more than 3 years old and has the added benefit of being inspected and brought up to a manufacturer’s standard for a used car. It also typically comes with an extended warranty.

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Golden Globe winning actor Randy Quaid could be mistaken for just another carefree Texas tourist loping down Rodeo Drive. But behind the boyish grin, there’s a 57-year-old film, TV and stage performer who is booked solid for the foreseeable future in films and projects that will take him from coast to coast and across the world. It’s a hectic schedule, and Quaid is enjoying every minute of it. (more…)

The growing cost of gas, groceries and other expenses has many Americans — including young adults — looking for ways to save extra money.- advertisement -

However, some people overlook one source of savings: joining a credit union.

Credit unions typically trump banks by offering lower interest rates on credit cards, car loans and mortgages. They also pay out higher interest rates on savings and may have reduced or limited fees associated with checking accounts, ATMs and online bank services.

Credit unions can afford these better rates because they are run as cooperatives, in which each member is an owner. Unlike banks, credit unions operate as nonprofits and return earnings back to members.

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