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Here you go, a place to discuss this separately from the other info.
I just found out this year that after 120k household income the loss deduction is halved and that after 150k it is gone. Unless real estate is your primary business. So be careful of little details like that. No more counting trips back home as an expense.I've got a rental property that has been pretty beneficial in tax write downs.
I just found out this year that after 120k household income the loss deduction is halved and that after 150k it is gone. Unless real estate is your primary business. So be careful of little details like that. No more counting trips back home as an expense.
And this thread has made me realize I need a financial advisor...
I have started using a health savings account too so that I am using untaxed dollars to spend on anything medical with dental actually being the bigger expense for me and my spouse at this time. It is confusing as we have two different types of accounts. Fortunately my wife is good at keeping track of that stuff. We do need to get set up with a financial adviser in the area though.It's working so far, I'm under cutoffs. And I decrease my taxable income quite a bit from pre-tax earnings. The plan is to use deductible depreciation and deductible repairs and such (over simplification) for tax benefits and sell in a couple years, right around the time my fiancee is no longer a medical resident and our household income makes us ineligible for several tax advantages.
I have started using a health savings account too so that I am using untaxed dollars to spend on anything medical with dental actually being the bigger expense for me and my spouse at this time. It is confusing as we have two different types of accounts. Fortunately my wife is good at keeping track of that stuff. We do need to get set up with a financial adviser in the area though.
That use it or lose it thing baffles me. Ours rolls over so that helps. We get a debit card attached to the account so it makes it easy to separate out costs too.I haven't gotten the HSA just yet. The VA's isn't that great, it's pretty much use or lose for all but like $500. After we have kids it will be worth it, but my health costs are minimal at the moment.
That use it or lose it thing baffles me. Ours rolls over so that helps. We get a debit card attached to the account so it makes it easy to separate out costs too.
Reading up a bit more on health savings accounts, I see that it is only an option for high deductible health insurance plans so that is why VA doesn't have it. I recall now that when I had low deductible health insurance, I had the same type of non-rollover type of option. The good thing about this health savings account is that if I don't use it for healthcare, then I can also use it as a tax deferred retirement account. The bad is that I have a high deductible insurance plan.
Then the HSA should rollover and be pre-tax. It seems like that might be a good option or is it that there is no investment income in that type of account? We might have to adjust our 401k vs HSA balance if that's the case. We really do need to sit down with a planner soon.No, we have the option for HSA's, just not an attractive option unless you can count on a certain healthcare expenditure. We also have a fairly wide array of options for healthcare, high and low deductible plans. I chose a high deductible one at the moment because I am in excellent health and it's much cheaper in terms of my premiums. I'll probably change that around after I get married for higher security.
Do any of you do short term investing? Most of my investments are long term and that's what I've read on, but the insanely low interest rate is murder. e.g., I want to buy a house in about a year, and the currently accumulating down is just sitting in savings doing nothing.
Timely bump. Was reading about Roth income limits this morning!
Somebody's been watching CNBC while on the treadmill
I know much less about this than I need to, but I really liked the book "The White Coat Investor" as a starting point.
My plan is to max out my Roth each year, and pay off the rest of my loans.
It sounds like we are in similar spots. I've been meaning to grab WCI for the last few months; this thread was a good reminder.I keep meaning to pick up a copy of The White Coat Investory. I'm woefully under-informed in the area, so I figured I'd start with The Intelligent Investor, which I'm currently working through, and go from there.
It sounds like we are in similar spots. I've been meaning to grab WCI for the last few months; this thread was a good reminder.
I'll start. For the generic investor, especially the set it and forget it folks. Vanguards VTSMX/VTSAX funds. ERs of 0.15 and 0.04 respectively. VTSAX is the admiral share, needs 10k minimum investment. If you can't afford that right away, just sock 3k into the VTSMX investment and build up til you get 10k into the investment and then just transfer them into the admiral shares.
Thanks, that was the nudge I needed to look into a low-cost index fund versus the target date fund I'm in now. I didn't realize the Vanguard fund had such a low ER. Just looked it up on Morningstar and the admiral shares fund looks great.
Any other recommendations to consider for someone investing over 100K?
Well, reading this thread definitely makes me feel like an idiot. I can barely follow most of what you guys are saying! I suppose that's a good reason to do more reading/understanding of investing and finances, but it's just so boring. I mean, money isn't boring, but understanding it is not fun for me, and I only have so much brain power with an academic job and two kids under 4. Sock this one away in the "to look into later" category....
I have a financial advisor because...brain power.Well, reading this thread definitely makes me feel like an idiot. I can barely follow most of what you guys are saying! I suppose that's a good reason to do more reading/understanding of investing and finances, but it's just so boring. I mean, money isn't boring, but understanding it is not fun for me, and I only have so much brain power with an academic job and two kids under 4. Sock this one away in the "to look into later" category....
10%? That's pretty great.
True. Although I assume many people looking into this for the first time are not aware of that fact. At least I wasn't.@medium rare
Whoever prepares your taxes is required by law to manage an audit. It's not an additional service.
True. Although I assume many people looking into this for the first time are not aware of that fact. At least I wasn't.