jill schlesinger has some of the do's and don't's of holiday gift returning. >> reporter: ugly holiday toy, yet another boring tie. it's no wonder that two-thirds of people returning at least one holiday gift. before you head out to the store or post office to make those exchanges, you should know that return policies vary dramatically. depending on the retailer. go banking rate ranks 50 retailers and they say the best ones offer generous return windows of 90 days, accept returns without receipts, and provide satisfaction guarantees. the top three? nordstrom, costco, and bed, bath and beyond. many of these big retailers have new return policies that apply to just certain items. kohl's has a deadline of january 31st for premium electronics. toys "r" us imposes a 30-day return for computer hardware. toys "r" us has two to four weeks for drones. for amazon.com, you have until january 31st for most items shipped the last two months of the year. overstock.com no refunds on downloads. many happy returns. in new york, i'm jill schlesinger. >>> amazon has come up with a way to give your amazon

>> we love my mom. >> jill schlesinger, always good to see you. a police officer helped a speeding driver tie up loose ends. how a traffic stop turned into an unexpected lesson for a student with a clothing crisis. you're watching "cbs this morning." announcer: this portion of "cbs this morning" sponsored by rocket mortgage by quicken loans. push button. get mortgage. to the bank and wait to get approved for a home loan, that newly listed, mid-century ranch with the garden patio will be gone. or you could push that button. sfx: rocket launching. cockpit sounds and music crescendo. skip the bank, skip the waiting, and go completely online. get the confidence that comes from a secure, qualified mortgage approval in minutes. lift the burden of getting a home loan with rocket mortgage by quicken loans. (whisper) rocket listen, sugar, we're lettin' you go. it's that splenda naturals gal, isn't it? coffee: look, she's sweet, she's got natural stevia, no bitter aftertaste, and zero calories. all the partners agree? even iced tea? especially iced tea. goo

cbs news business -- cbs news business analyst jill schlesinger here to share the best ways to use taxodes to your advantage. good morning, jill. let's start with kids and grandkids. what actions should people take before year end? >> reporter: well, if you want to give one of those walloping gifts just remember, your gift tax exclusion allows you to give up $14,000 a year to as many people as you wish. that again is free of gift or estate tax. if you are married, you and your spouse can combine gifts and give $28,000 per beneficiary per year. you can write a check or gift highly appreciated securities if you want. another idea. how about funding a college savings 529 plan? money saved in these programs grows tax-free withdrawals used to pay for educational expenses sidesteps taxes. again, here is the limited $14,000. you can give a lot more into other plans in terms of one big fat gift but do check with your state and attorney to know what kind of forms to file for a big gift. >> this makes me wish i had some rich old grandpa out there. [ laughter ] >> all right. what if everybody wan

cbs news business analyst jill schlesinger is here to tell us what's behind the move and if we should rates climb higher so jill, why have rates gone up? >> reporter: longer term mortgages key off of the 10- year treasury and since the election, those yields have popped by .6% to nearly 2.4%! the month of november was the worst month for bond prices in 7 years so a big move in a short period of time. investors believe president- elect donald trump's policies of spurring growth through infrastructure spending and tax cuts that that's going to heat up the economy. that's what it's supposed to. that would prompt the fed to hike rates more quickly than anticipated and ultimately will likely put an end to the era of ultralow interest rates. yesterday the mortgage bankers association reported the average 30-year fixed rate morning increased to the highest level in 18 months, 4.23%!! it's up by nearly three- quarters of a percent since the election!! >> should people refi or try to accelerate the plans before it goes higher? >> reporter: yes, because it's really likely that these increases w

cbs news business analyst jill schlesinger here this morning has some tips before you trek to the store those exchanges. so jill, what do we need to know about returning gifts? >> reporter: you know what? the policies really do vary dramatically depending on the retailers. so you may want to do a little bit of research before you medical out. check out go banking rates. they range 50 retailers. they say the best ones offer 90 days or more, returns without receipts and satisfaction guaranteed. top on the list this year, nordstrom, costco, and bed, bath & beyond. >> have retailers changed any of their return policies recently? >> yeah. there's been a little bit of a difference. what we see now is the big retailers have return policies that apply to just certain items. so for example, kohl's may have a generous policy but not for premium electronics. you have a deadline of january 31 if you bought a premium electronic good from kohl's. toys 'r us have a 30-day return period for computer hardware and target, walmart and toys 'r us now have new shorter return periods two to four weeks for dr

joining us now is dennis berman and jill schlesinger. i am pleased to have both of them here right now. dennis, let's start with transportation and this chow pick today. if the president-elect wants to get this massive infrastructure project done, she would seemingly be the person with washington connections. dennis: she does have experience in the government, serving eight years under george w. bush, married to mitch mcconnell, the leader of the senate majority. jeff: the only one who served eight years under george w. bush. dennis: a creature of washington and knows how it works. the interesting thing about infrastructure is there is so much work that has to go into actually spending the money. we talked about this at the and of the financial crisis with shovel-ready projects and there is a lot of work to be done. jeff: a lot has been made of infrastructure. i wonder has it gotten better at all since the end of the financial crisis or no? dennis: i do not think that is the case. if you look at funding from state level and city level fo

cbs news business analyst jill schlesinger breaks down how this affects our cash flow.ow exactly will this, um, [ indiscernible ] impact savers and investors? >> reporter: i would say that savers would be winners except that after last year's interest rate increase, banks passed very little of the increase on to their customers. eventually, we expect savers should see benefits of higher rates. now, stock investors should win if the fed goes slowly and the economy improves. that's a good combo. historically shares of banks, energy, industrials and technology do quite well amid rising rates. but remember, when rates rise, bond prices fall. so the bond part of your portfolio you're going to feel some pain there. >> what about people who are borrowing money? >> reporter: well, you know, borrowers are absolutely the losers when it comes to rate increases. but i guess the good news is we are still at relatively low levels. mortgage rates, yes, they started to rise ahead of the meeting. but they are still affordable. other consumer loans are likely to increase after tomorrow's

cbs news business analyst jill schlesinger says there may be some smart moves to make right now to reducebill in april. that sounds good. so jill, president-elect donald trump says that he plans to overhaul the tax system. so what should we know? >> reporter: if you are someone who itemizes your deductions, sit up and pay attention! the main theme for 20 16-year end is it may make sense to pre- fund your deductions this year. talking about state and local taxes, charitable donations, the reason is they are likely to be less valuable or potentially go away with new tax law changes that are proposed in the -- at least in the pipeline. additionally, remember, many expenses can be deducted only if they exceed a certain percentage of your adjusted gross income. try to bunch your legal advice and tax planning, travel and vehicle costs into one year so you exceed that 2% floor. we want you to take advantage of the deduction as it exists and as long as it exists. >> all right. jill, what about retirement plans? >> reporter: now, here's something everyone should be thinking about. you know, a lot

jill ??schlesinger. happy december. why have the rates gone up to quickly? >> reporter: longer term ?? mortgages key off the treasury, and these yields closed at ??2. yesterday, the worst month for government bonds in seven years. here's what's going ??on, investors believe that president-elect trump's will heat up the economy. but that will prompt ??the fed hike rates more quickly and that will put an end to the era of ??ultralow interest rates. average contract industry for for a conforming rate increased 4.23%. it'7o)hby nearly 0.75 of a percent since the election. home purchase plans before rates go higher? >> reporter: i would say this is ??the most frequently asked question of the last week for me here. presuming you have run your numbers and it still makes ?? sense, yes. look, these rates are going to continue to rise next year most likely. but still, i ??don't want you t be so spooked, because mortgage rates are still historically low. it always boils ??down to your personal maybe you can ??aforward the extra -- afford the extra costs. factor in all the associated costs of clos

jill schlesinger has important reminders if you're thinking about a new mortgage. good morning.wn to 3.5% below the election. now getting towards 4.25%. i just want to always say that, look, it seems like a big jump. and it is a big jump, but we've seen much worse if you go back to the early '80s. 1981, average mortgage rate, ready for this guys, 16.95%. >> wow. >> even in 1992, 8.2%. so, yes, 4.25 seems terrible if you could have gotten 3.5%. about a third also who have a mortgage have rates higher than 4.5% so they may be able to refinance. part of this is because home prices have increased equity has improved. >> as a point of reference, how low did they get? >> we got down to, this is where you kick yourself, basically $3.25. 3%. obviously if you're at 5.5 and now you can reify, that's great. maybe you got a huge bill that's coming up, a tuition payment. you've got equity in your house now, maybe you want to change the term of your loan. you have a 30-year, 20-year looks better. a lot of people also have to realize that a whole bunch of people were out of work, they didn't l

in new york, i'm jill schlesinger. >>> amazon has come up with a way to give your amazon boxes a secondul life. it's a program called give back box. take your empty amazon boxes and fill it with items like clothing, household goods or accessories you'd like to donate to goodwill and print a shipping label at amazon.com and drop the box off to the post office and amazon plays for the shipping and your donation goes to the nearest charity. now i have nicoderm cq. the nicoderm cq patch with unique extended release technology helps prevent your urge to smoke all day. it's the best thing that ever happened to me. every great why needs a great how. hey julie, i know today's critic...need a sick day. dads don't take sick days. dads take dayquil severe: the... ...non-drowsy, coughing, aching, fever, sore throat, stuffy... ...head, no sick days medicine. ♪ i was on my way to work, the next thing you know, i was on the ground. ♪ the trash truck ran over both my legs. ♪ i had sixteen surgeries. ♪ i don't sleep through the night unless i have my medicine. ♪ my medical bills was piling up. my employ

jill schlesinger has important reminders if you're thinking about a new mortgage. good morning. rates have climbed how much? >> we were down about 3.5 and now we're around 4.25. it's a big jump, but we've seen at 16.95%. so even in 1992, 8.2%. so, yes, 4.25 seems terrible if you could have gotten 3.5, but about a third of all folks who have a mortgage have rates that are higher than 4.5%. so they may be able to refinance. part of this is because home prices have increased, equities has improved and credit scores have improved. >> and how low did they get? >> we got the down to -- and this is like basically 3.25. and it was pretty tough to get there for that moment. but obviously if you're at say 5.5 and now you can refi, that is great. but another reason you might want to refi, maybe you have a huge bill that is coming up, a few tuition payment, maybe you have equity, maybe you want to change the term of your loan. people were out of work and they weren't looking good credit wise, but they can now qualify. so now could be a good time to lock in a good rate. >> how important is y

jill schlesinger has advice if you're looking to refinance.ration center into better focus. >> documenting part of our past, i'm jim axelrod on ellis island. coming up on "cbs this morning," we'll meet an old school photographer who sheds light by skillfully manipulating it. ulating it. photographer who sheds light by skillfully manipulating it. at cancer treatment centers of america. the evolution of cancer care is here. learn more at cancercenter.com/experts try theraflu expressmax,nd flu hold you back now in new caplets. it's the only cold & flu caplet that has a maximum strength formula with a unique warming sensation you instantly feel. theraflu. for a powerful comeback. new expressmax caplets. ♪ ♪ ♪ life is better when we celebrate together during toyotathon. toyota. let's go places. and you're talking to youro doctor about your medication... this is humira. this is humira helping to relieve my pain and protect my joints from further damage. this is humira helping me go further. humira works for many adults. it targets and helps to block

cbs news business analyst jill schlesinger is live in new york, good morning, jill. >> reporter: goodorning. >> jill, lets start off with kid, grand kid should people take any actions before the end of the year. >> reporter: if you are thinking of money, you height want to use that gift tax exclusion, that allows to you give up to $14,000 to as many people as you want this year. it does than the have to be a relative but i don't necessity fuzz are giving that much money to your friend, you don't give gift or estate tax if you combine gift with your spouse you can give $28,000 per beneficiary per year. another idea fund a college savings 529 plan for a future student. money in these rams it grows tax tree, withdraws used to pay for qualified college senses, sidestep taxes too. you can invest up to $14,000 this year, without incurring a federal gift tax. lots of states have different contributions for vince and different limits so just check with your plan. >>> every family is different buzz what if you want to help but don't necessarily want to put money in your family members hands. >

cbs news business analyst jill schlesinger joins us live from new york, good morning, jill. >> reporterill, president-elect trump plans to overhaul the tax system. what should we know about it. >> i think main theme for 2016 year end in planning for taxpayers is really to remember that it might make sense to prefund deductions this year, like state and local taxes, and charitable donations, because these are things that are likely to be less valuable or potentially go away next year under tax reform. i want to remind you if you itemize your deduction toes remember you have to try to bunch your deductions together, because expenses can only be deduct if they exceed a certain percentage of your adjusted gross income. so think about this, legal advisor, tax planning, travel, vehicle cost try to bunch it in this year, trying to exceed 2 percent floor, take advantage of that deductions while it still exists. >>> what about retirement plans? >> reporter: i know it is a time of the year where you are spending money but maybe you'll spend money on yourself. some employers allow to you contribut

believe that, and as you start thinking about next week's trip to the mall, cbs correspondent jill schlesingerngs that return policies do vary widely from store to store. >> many of these big retailers have new return policies that apply to certain items. kohl's has added a deadline of january 31st for premium electronics, toys"r"us a 30 day period for computer hardware. they now have new shorter return periods of 2 to 4 weeks for drones. for amazon.com you have until january 31st for most itemed shipped the last two the year. >>> and you want to avoid any traffic jams if you're headed to the malls today. download our free wusa9 app so you can get updates while you are on the go. >>> many churches going to be holding christmas eve services later today. >> events at the basilica of the shrines of the immaculate conception kicked off after sunset with performances starting at 4:30 and then a children's mass. after a late night mass and another one another noon tomorrow, hundreds of volunteers at the basilica will feed people who need a christmas meal. in the past years 2,000 people have shown up

. >> here again to answer those questions cbs news business analyst jill schlesinger, she's live in nework, good morning, jill. >> good morning. >> so why have rates gone up so quickly. >> well, now remember longer term mortgages they feed off the ten year treasury note and since the election yields on the ten years have increased by .6 percent to nearly 2.4 percent. now, here's the deal, investors believe that president-elect trump's policies of spurring growth through infrastructure spending and tax cuts will heat up the economy. that will prompt the fed to hike rates more quickly then anticipated and that will put an end to the era of ultra low interest rates. yesterday mortgage bankers association reported average contract interest rate for 30 rate mortgage was conforming loan balances of less than 417 grand increased to the highest level in about 18 months. 4.23 percent. it is up by nearly three-quarters of a percent since the election. >> so jill realistically speaking should people try to refinance or accelerate their home purchase lance before these rates could balloon even high

cbs news senior business analyst jill schlesinger joins for us a look what is at stake and what can be done to reassure the president. jill, the president-elect says he knows it's visually important to avoid conflicts of interest. we are hearing about a blind trust? do you think that might happen? >> here is the best case scenario. if he could, he would sell his interests in every single thing he has ownership in. so that would mean not just the actual physical hotels but all of the llcs that own the property or the licensing rights and the proceeds of that sale would be put in something called a blind trust where you have a third-party basically managing your money and can only have certain kind of there, usually government bond or preapproved mutual fund and the best case scenario that it could literally shield him from any impropriety. he says that is a tough thing. he says i own physical structures and my name is on these buildings and virtually impossible. i think the next best thing is maybe a monitor, a third-party ethics monitor to be watching to see how he is doing business to

health and human how.ices and elaine co joining us now is dennis byrne and -- berman and jill's lessons schlesinger. let's start with transportation. if the president-elect wants to get this massive infrastructure done, she would seemingly be the person with washington connections. haves: she does experience. married to mitch mcconnell, leader of the senate majority. servedhe only one who eight years under george w. bush. dennis: a creature of washington and knows how to -- it works. the interesting thing about infrastructure is there is so much work that has to go into actually spending the money. we talked about this at the and of the financial crisis with shovel-ready projects and there is a lot of work to be done. jeff: i wonder has it gotten better at all since the end of the financial crisis or no? dennis: i do not think that is the case. if you look at funding from state level and city level for much of the infrastructure around this country, so many states have been pinched so deeply that they are putting off maintenance projects. trump is right and congress is right that the spending has t