Answer:
You may check your state's laws at http://www.hslda.org/laws/default.asp. Some states are stricter in requirements than others. You do not necessarily need a college degree or prior teaching experience.
There are two different homeschooling exemptions, religious and personal. Each have their own specific requirements as to which records you keep (for example, you will have to keep track of your child's immunization record for a personal exemption).
There are several different types of homeschooling, ranging from eclectic and unschooling to traditional and religion-based. You'll want to choose based on your own personal beliefs and which method will work best for your child.
You do not need a lot of money to homeschool your child. You may get most of your curriculum from your local library. There are several states that will meet once a month to once a year selling or giving curriculum away, and of course there is always rummage sales.
You may homeschool your special needs and/or gifted child as well. You may homeschool even if you are a single parent or you are in a household with two working adults.
You may find several books on homeschooling different age ranges or all of them together, homeschooling your special needs/gifted child, homeschooling as a single parent and other books at your local library or on the internet.