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Most people used to get tax deductions for the interest on their mortgage, but only if they file itemized deductions on their tax returns. Picking up on this, I think it's probably worth clarifying when/why a mortgage can be excluded. ĬharlesOakley wrote:How many of you "investors" are also carrying a high amount of debt? If you aren't debt-free (excluding your mortgage), you shouldn't be investing yet. I'm generally healthy too so that helps.Īq_ua on mortgages, tax deductions, renting vs owning. I'll always be on a HDHP for as long as I can strictly for the HSA advantages. The reason you keep the receipts is in case the IRS comes knocking about your HSA withdrawals and all you need to do is provide the receipts covering the withdrawal.Īnd let's say I still have money left in the HSA when I'm 65, it just turns into another traditional IRA account and I'll be able to withdraw the funds for non medical expenses. I will pay zero taxes on that money and the investment gains, which is crazy and doesn't happen in this country.
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1) I contribute to the HSA tax free 2) It grows invested tax free and 3) I can withdraw the balance tax free if I have medical expenses covering the amount that I withdraw. If I pay it out of pocket, I can reimburse myself 25 years from now if I want the $5k from the HSA and that withdrawal will be tax free. So let's say I go to the doctor and get a $5k bill tomorrow. The reason i do that is that there is NO time restriction on when I can reimburse myself for those medical expenses from the HSA and the reimbursement will be tax free.
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If I have medical expenses throughout the year, I pay it out of my own pocket and scan the receipts to Google drive or whatever and keep a very simple spreadsheet of my medical expenses through the years to stay organized. So I treat it strictly as an investment account and invest the entire balance. No rush as I won't be getting it until next month. I definitely wouldn't mind that if you have the time. Toranaga wrote:I can talk about HSAs for hours so let me know if you want to know my strategy on how I use one, which in my opinion is the best way.