The HSA | Mark J Kohler | Live Q&A

With HSAs Health Savings Accounts. Corey here is freaking me out, but that's okay. He's fixing my laptop. You're going to just the reason why I need to see this is for all the questions, right? Says audio missing. Audio missing. Are we good now with audio? Let's see. Give me some love. Everyone let me know. Okay, Corey says we're looking good videos. Better now. It's in good now. Okay, thanks everybody. Regrettably, some of the folks that this showed up on your feed and you're like, who is this bozo? With all this going on, we had a technical problem so we still wanted to go live. Today we're just going live off a laptop with a camera over here. So we're going to make it work. Thank you for your kind comments everybody. You're so cool. So today I like I said, is starting out with Health savings Accounts. Why I want all of you to know about them. Rich or poor, young or old, small business owner or not. HSAS freaking rock. So I'll introduce them to you so you can start thinking about them and then I'm all yours. We'll do some general Q and A on maybe the House bill or Senate bill if you really want to talk about it. Year end tax strategies, the trifecta. Do you need an llc? Do you need an S corp? We can talk about cryptocurrency, self directing your ira. I'll do my best. If I don't have the answer, we'll move on. And of course we can talk about Britney Spears. She's free. I'm so excited for her. That show on Netflix, Britney versus Spears. Wow, it is depressing. I mean to see what she went through. I can't believe she's still alive. I mean I would have maybe gone to sleep with some pain pills or something. She went through a lot of crap. So listen, watch that show. Conservatorships are crazy. Even the lead singer for the Beach Boys went through a conservatorship period that was just insane. California's changing their laws because of this. So watch the show even. You may not be a Britney Spears fan, but it's really an interesting legal issue too. The House bill and Senate bill regarding taxes and tax issues and the IRA has not passed. What the Senate is dealing with now is the debt ceiling and keeping the government open. The Democrat leadership wanted to bundle all of this together in one infrastructure bill. Fund the government for another year. $3.5 trillion. There was just too much garbage in there and I mean just a lot of stuff I shouldn't just say garbage, but there was a lot of stuff in that. So now they're unpacking it, which is good for you and me because the moderate and progressive Democrats are going to say, you know what, there's things in here I don't even agree with. But having it all in one bill, it becomes Republican versus Democrat. So I think we're going to see more debate. There's not going to be such a rush on some of these portions of the 3.5 trillion-bill dollar bill as a House version as they dissect it. So everybody, we're good for a while. All right, Let me explain HSAs, Health Savings Accounts and then we'll get on to your questions and I'll start scrolling through these. All right, Health Savings Accounts. Let me explain it this way, alright? This is live. I mean I just don't have all this canned on you, you know, on some PowerPoint for you. I want you to get the real deal, alright? So when it comes to health care, your insurance premiums as a small business owner are always a write off. Maybe I should mention that for a moment how you would write it off. Here's your trifecta. Down here is your trust and your 1040. Can everybody see that? Okay, Cory, it's looking pretty good. Little blurry, no? Or yes. Maybe you want to sharpen that up. Looks a little. Oh, there we go. That looks a little better. So down here in your trifecta is your trust and 1040 tax return. Now if you are paying for your own health insurance premiums, if you have an llc, maybe a side hustle, we would pay for those insurance premiums right here. So health insurance. Now if you have an S corporation or you took your LLC and converted it to an S corp, which means you're taking a little W2, you're going to make sure the corporation pays for the health insurance premiums. Either company can pay for it. So whether you have a side hustle or an S corp, let your health insurance premiums get paid for here. If you pay for them out of your pocket under audit, the IRS will not allow that write off. It's really a big deal. Now if you have an S corp and you're taking your W2, you're going to list the amount the insurance premiums on a box in a box on your W2. So it'll be listed up here. That's very important. If you have rental property and just an LLC over here, you cannot write off health insurance premiums because it's passive Income. So health insurance premiums are not a write off. So if you have a small business that's operational, we're going to write off health insurance premiums all day long. Okay, the next topic is, well, what about health insurance costs? Co pays, deductibles, dental, acupuncture, massage therapy, prescription drugs, drug rehab. I mean, the list goes on and on. There's a lot of medical expenses that could be tax deductible. Now some of you may be going, I thought all my medical expenses were tax deductible. No, they're not. 97% of Americans try to itemize or itemizing doesn't make sense for them and they get no write off. So I'm going to talk about the four ways. Let's do it this way, okay? 1, 2, 3, 4. There's four ways you could write off medical expenses. Now I'm going to take some questions on medical expenses here in just a moment, everybody, but let me get these four methods out there. The first option is you can itemize and that's where you pay for it personally. And then on a schedule on your 1040, it used to be schedule A. You're going to write them off. And you can write off any expense over 7.5% of your AGI. That's itemizing sucks. It's terrible. You'd have, if you make 100 grand, you can't write off the first $7,500. It's terrible. I don't want any of my clients itemizing. Now, some of you may have what's called an FSA at work, a flexible spending account this year. What we can do on a flexible spending account is 2,750, $2,750 up to that. And it's a use it or lose it. So you have to turn in your receipts by a certain deadline for 2021. You have to use it or lose it. And if again, if you don't turn in your receipts, you don't get reimbursed. Now if the company reimburses you, that's tax free. That's the beauty of this. You get essentially a tax write off for your medical. So if any of you have a day job and you have a flexible spending account, turn in your receipts or you lose it. All right? Now your next option is the health savings account and then the health reimbursement arrangement. Now we're going to talk about the HSA here just for a moment. I could do an hour lecture on it and you would have fun. I Promise you you'd have fun. HSAs are pretty cool now, but an HRA, I just mentioned briefly is a health reimbursement arrangement. And this is if you have a small business, you have to have a small business. For this one you have to have a small business. And we do kind of a reimbursement where the company reimburses your medical expenses. Now if you're married or single, the structure is going to look different. You have to have an HSA doc. I mean an HRA document. We charge 400 bucks to give it to you for the year. You self monitor it. There's no insurance company involved. It's all you now in my book. And by the end of the show today. Cory, are we going to be able to give away books under this format? I'm trying to reach my book. Okay, Tax and Legal Playbook. I'll give away two or three of these today and maybe a couple other books. So the Tax and Legal Playbook, you can get it at Amazon Right now I have a whole chapter on healthcare and I go through all these strategies and you'd want to. I've got YouTube videos on these independently. But chapter 11 is wise. Healthcare strategies. It's only about 11 pages. It's not. You can read it in one evening and make a list of what you need to take advantage of again, young or old. Some of you young people in your 20s are like, I didn't even think about this. Some of you that are older going, I never tried because I never got a write off. Well, now you do. So think about the HRA if you have a small business. All right, now let's hit the Health Savings Account. Woo. Okay. The Health Savings Account is a tax deduction on the front page of your tax return. You don't have to have a small business. No small business required. Your company may offer an HSA plan, they may not. It doesn't matter. You can set them up independent of your day job. Independent of day job. You get to invest the money however you want and it comes out tax free for any medical expense the rest of your life. So this is really cool because see, let's think about a Roth ira. You have to pay taxes before you can put money in a Roth. Then it grows tax free and comes out tax free. That's cool. You have to wait till you're 59 and a half and it's tax free the rest of your life. With a regular ira, you get a tax deduction on the way in. Tax free growth or tax deferred. Because when you pull it out, you pay taxes at age 59 and a half. But look at what's cool about the health savings account. You get a tax deduction on the way in. No matter how much money you make, it grows tax free. You invest it in anything you want and it comes out tax free at any age. For medical. So freaking easy. So awesome. I own a rental property in my HSA in Chicago. Little meth lab. It's adorable. And I also own some cows. I own 10 cows on a little farm in my HSA. All the profit from my cows and my rental go into my HSA and can pay for my medical, my spouse and dependent children. Boom. So the HSA is a front page expense. Write off any income, no small business required, any income level. And there's so much to learn on this. Again, I've got the book additional videos on YouTube. Just type Kohler HSA. And I've got some great videos out there. Now the deduction this year, this is in the Mark Kohler calendar year. Your deduction for 2021 if you're single is $3,600 and if you're married, it's $7,200. That's off the front page of your tax return. So you can do that and still do a Roth IRA and do a 401K. Now, the only requirement, the only requirement to have an HSA is you have to have a high deductible health care plan. So if you're healthy and you have a high deductible plan that you never use anyway, whether it's at work or you pay for it yourself, you just have to have a high deductible plan. You can go open an HSA anywhere you want. You can even have a crypto hsa. We've got our Gemini app, crypto hsa. So you can fund money in your health savings account and buy cryptocurrency. And any money you make is zero taxes and the money comes out for health care the rest of your life. What? Right. So cool. And let me tell you a few things here. Some of you that are young people, this will pay for the maybe babies you have. Someday you might have a little family. If you're older. This could pay for long term care. If you have a family member in drug rehab, they can pay for rehab. They can pay for acupuncture and dental and chiropractic and eyes and copays and prescription drugs and oh my gosh, so much. That's the hsa. So pretty darn Cool. If you want to open a self directed hsa, write this down. Corey, can you make comments in there or do I have to go to directed ira.com? if you go to directedira.com you can open up an HSA regular or an HSA crypto account, put money in it tomorrow and buy crypto on the weekend. Good to go. Okay, let's do some Q and A here. Now I'm going to put on my glasses for this and rock. Now I'm just going to answer questions on the health HSA stuff for a little bit and then we'll go into some other questions. So I'm going to scroll to the top here. Okay? Lots of friendly comments. Okay? Da da, da. Thank you so much. Oh my gosh. Do we still have these scammers out here throwing out bitcoin crap? Geez, everybody. Let me warn you, if someone says anything about official bitcoin address crap, it's not me. Don't click on it. Jeez, makes me mad. Sorry, everybody. Okay, let's see one of our first questions on HSAs. I did not send anybody any messages. Lori. On bitcoin, everybody avoid that crap. Okay? Can an HSA be used if in Social Security disability, you can set up an HSA and fund it until you're age 65. Once you're age 65, you can't put new money in. But if you already had an hsa, you can keep investing it and pull out money anytime you want. So if there is bad news, and I'm so sorry, Irene, if you're age 65 or older, you cannot fund an HSA any longer. You can still have one if you already funded it. If you are under age 65 but you're on Social Security disability, that's cool. Just get a high deductible. Plan it, Valerie. Hey. Time for my weekly tax tips dripping from the Kohler faucet. That was cool, Corey. You ever heard of that one? That was good. All right. Good one, Valerie. I like it. My gosh. Mark Kohler Lee says I saw everyone getting bonus and I decided to try Sent my last bitcoin crap. People do not do anything with bitcoin coin on this. All right, I've got some workshops this fall I'll tell you about in a minute too. Okay, let's get to the HSA stuff. Corey, is there any way to block these bitcoin nut jobs?

We got Sarah at the other office going through them.

She's going through them. Okay. Okay. All right, thanks everybody. There was a few HSA questions here. Someone's talking about the 58 grand and the 401k. We can come back to that. Oh, my gosh, where did my HSA questions go? There was a bunch of them here. Okay, Gail says, I have an HSA and wonder, can I buy vitamins with it? If it's part of a doctor written prescription? No. You cannot buy over the counter drugs or vitamins, but have the doctor maybe prescribe a heavier dose of vitamin that is maybe covered under your health care plan or something like that. But over the counter drugs you cannot pay for out of your hsa. Annie says, can a small business owner have health insurance, an HSA and an hra? Yes. I want you to have. You could have all you have to have health insurance to get an hsa. The real question, Annie, is can I have both an HRA and an hsa? And the answer is yes. And I go through that in my book with an hsa. Can you invest in crypto? Yes, I already answered that one. Venkat, get over to directed Ira and get a crypto HSA. Freaking love it. Greg said, I just had a $20,000 surgery out of pocket. I have an FSA in insurance that didn't cover the surgery. The insurance did it. What are my options income? Around 100 grand. Okay, Greg, this is very important. If you have a small business, we need to talk about an HRA health reimbursement arrangement right away because you could get reimbursed from your small business for the 20 grand. Number two, if you have a flexible spending account at work, cash it for the 2,750 first, turn into receipts, get your 2,750. That'll leave you about 26. No, that'll leave you about 17,300 and whatever. Right, about 17,000 that you can still run through an HSA or HRA. Next. Greg, you could also do an HSA maybe if you have the right type of insurance before year end. And I don't know if you're a family married. If you're single, there's 3600 there. So I could grab 3000 here. 3600 in your HSA if you're single, 72 if you're married, then catch up the rest with an hra. Now that depends on your type of insurance. And if you have a small business with some profit, if you have it, Greg, we might be able to get that entire 20,000 a write off. People, this is why I'm glad you're here. See these little strategies of Getting your health care written off. People don't talk about it, and your accountant doesn't even know sometimes that that's what's going on. And some of you knocking your taxes out on TurboTax or Taxlayer, you're going to miss it. All right, Sandy, you cannot contribute to an HSA after age 65, but you can already continue to invest it. Can crypto mining pay for hsa? Yes. And what's better yet, pepperoni pumperoni. You can have a crypto mine inside your hsa so you can make money on your crypto mining, which is ordinary income, cover an HSA or health insurance and fund an hsa. And then with your hsa, go buy another rig and mine inside your hsa. Now, you're going to need a tax consult with one of my tax lawyers to do that. You just can't go buy it all and think it's right. Study up. I've got videos on how to do it.

I actually have a question.

Yes.

Does the HSA have the same exact prohibited transaction rules of the Iraq?

Yes. Question was, if I have an hsa, are prohibited transactions the same for an HSA and an ira? Yes. And Chan Lee says, can my HSA own an LLC or alternative assets such as a house? Yes, that's what I'm trying to say. So if some of you form an hsa, you could do crypto mining. You could just buy crypto. You could form an LLC and buy a rental. I've literally done that, and I have a rental that's been in my HSA for at least eight years. I could set up an LLC and buy cows, run a business, run a restaurant. But can I work in the restaurant? No. Can the business pay me a salary? No. Can I go out and feed the cows? No. You've got prohibited transactions here, people, and you need to study how to self direct. Now, I've got a podcast@directra.com and it's the Directed IRA podcast. So get over here. Where did I put that? Get over to directed ira.com and you can study up and start learning about self directing, which includes your hsa. Oh, my gosh, this crypto crap. What happens to unused HSA money? Well, you're going to use your HSA till the day you die. But if you die with HSA money in the account, it goes to your spouse's HSA or it goes to your family's ira. So you could leave it to children, mom or dad, anybody you want. So it acts like an IRA. Should I have an HSA. If I only have a W2 and can't max out the contribution, should I have an HSA? If I only have a W2 and can't max out the contribution? Well, blk07, everybody, I want you to live within your means. Get out of debt. And if you have a W2 and you're able to still save 10 to 20% of that a month in a Roth IRA and you can afford to save a little in an hsa, do it now. Am I saying break the bank? No. Pay off your credit cards first. Live reasonably, save your 10% to your HSA, your Roth, save 10% for future expenses, your emergency account, do all your good Dave Ramsey things, then you can save more in an hsa. If you can afford it and you can't have Tricare, you need a high deductible health insurance policy. There are limitations. You can't have a several. Oh, my gosh. What's the plan that Matt has too? I'm embarrassed. But the ministry. You can't have a health care sharing ministry plan. And there's some others, but get into my book. Watch some of my other videos. Okay, I'm just going to answer a couple other questions on the hsa, then we'll go to general questions. Is there any income restrictions to open an HSA? Want to be a trader? No. You can make $10 million a year and still open an HSA. What type of blk07 says, what type of strategy do you recommend for someone who lives in Hawaii? W2 making 70,000 a year with a young dependent. Now, just seeing that, I know you're on a tight budget, if you're making 70 grand a year with a young dependent living in Hawaii, you're living month to month. It's going to be tough. And my heart goes out to you. What's the strategy I recommend? Start a side hustle. Now, I know once you get your young dependent in bed, you're going to want to watch an hour of Netflix and Detox and just relax for a minute. Then you're going to turn off the TV and you're going to build a small business online or some sort of small business on the weekends whenever you can, because you need a side hustle. You're going to be living month to month for a long time until you get that side hustle going. So everybody work on it. Douglas, a crut question. Oh, Kevin says HSAs are mind blowing. I love it. And I'm going to do Uri and then I'm going to come Back to general questions. From this point forward, Yuri says, can I use an HSA fund? Can an HSA fund anything I. Other than medical cost after age 65? Actually, Yuri, after age 59, your HSA can cover anything you want. But if it's not medical, you pay tax like a regular traditional ira. If it's medical, it comes out tax free. So, Yuri, you kind of want to be building up your traditional IRA and your Roth for retirement and then building up your HSA at the same time for medical, then use both in the future. All right. Okay, I'm going to start answering just general questions, and we'll have fun for another half hour just doing that. Doug says once a CRUT is funded by a highly appreciated asset, can the trustee buy crypto to be added to the CRUT portfolio? If so, can you have multisig enabled with trustee to protect crypto? What's multisig enabled? Multiple signature protected with trustee. Okay, first of all, Douglas, when we. Everybody, let's back up. Doug is asking a very technical question. I am not going to answer that in depth because I would have to explain to you what a charitable remainder trust is. So if you want to know what a charitable remainder trust is, get over to YouTube and just type Kohler CRT. And if you have crypto assets, you got to watch that video. It's blowing up, and there's a lot of great content there. Now, Doug, just quickly to answer your question, I make you the trustee. No one else is going to have signing ability. Don't worry about the multiple signature crap. Next, you can invest the trust assets however you want. You can buy more crypto. You can buy S&P 500. Doug, I would hope if you're asking questions like this, get initial a consult. And maybe we should be setting up a CRT for you, because I answer all these questions in the setup of your crt, and every question you ask right here are good answers. You're going to freaking love how this CRUT works. Okay, I'm going to scan back up and see what we've got. Please, everybody, avoid these stupid crypto nut jobs posting on my live. It's too sad. Arrow says if I sell my primary residence to relocate to a hot market and I'm forced to rent for up to a year while searching for another primary residence, will that hit me with a high capital gain? Arrow? The answer is maybe. Everybody. What Arrow brings up is the sale of home exemption. The sale of home exemption is simply this. If Arrow bought his house and has lived in it two out of the last five years as his primary residence. He can exclude 250 grand of gain if he's single and and pay no tax. If he's married, he can exclude 500,000 of gain and pay no tax. So an example would be he bought a house for 200 grand and he sold it for 300 grand. There's $100,000 of gain if he lived in it two of the last five years as his primary residence, no tax, single or married. Period. And he said, well, I'm going to go rent for a year and look for a new residence. Great. Don't care. No tax. The gain is excluded up to 250 grand if you're single, 500 grand if you're married. You don't have to go buy a primary residence anytime soon. Take your time. Arrow if some of you want to repost your question because I may have missed it as I'm scrolling down, please repost. Okay, Chan Sundays he has two questions above for me. Chan, you may need to re post those okay workshops. I'll see you at the OC Business workshop. Must stay indeed. Okay everybody, real quick. I'm going to be in Dallas this weekend. It's already closed to registration. But there's just a side note, all be going back to Dallas soon. In two weeks I'll be in Chicago for a two day workshop. Basic on Friday, advanced on Saturday. Still selling tickets for that. It will sell out. Look into it. It's going to be awesome. In Chicago on the 9th and 10th. Is that what it is? Let's see. That is October 8th and 9th. Okay. Then we'll be in Phoenix on October 23rd for a full day on self directing your HSA. Self directing your IRA how to invest your retirement account and make millions. That is on October 23rd live in Phoenix. Then in November 5th and 6th I will be in Orange county for my workshop and then in Honolulu the 19th and 20th. So check out those live workshops and if you want to go to any of my workshops guys, I price them at like 3400 bucks. I think 500 for two days. Very affordable. It's a tax write off and you're going to walk away saving 10 times that in taxes. Get over to ww.mark J. Kohler.com all right, thanks for bringing that up Mustang. All right. TD America's HSA only offers trading forex and futures if it's greater than 25 grand which TD Ameritrade sucks. For that reason can directed IRA help setting up trading in an HSA with less than 25 grand? Yes. No minimum balance. Also, can you combine HSA, Roth, 401k together to exceed the 25 grand? Well, remember, we don't have a 25 grand limit. But William, what you can do, and we're going to be talking about this in our Phoenix Workshop next month or later this month, is you can create an LLC that's owned partially by your HSA, partially by your Roth, and partially by your 401K. It depends on how much each plan puts in. So let's say your HSA puts in 10 grand, your Roth puts in $30,000, and your 401 puts in $10,000. So that means your LLC has now $50,000 in it. Well, your HSA gets 5%, your Roth gets 15%. No, that's wrong. This is 20%. My bad. Doing poor math here. Your Roth gets 60%. And the remaining 20% would be in your 401k. We set up these LLCs every day. We've been doing them for 20 years. And you can open these accounts at Directed IRA. But again, William, you don't have to do this pooling of money in an LLC if you don't want to. We don't have a minimum balance. MacVictor is going to see me in Chicago next week. Thank you so much. Look forward to seeing you. Thumb downers need to plead their cases against videos. Don't know what that means. Please save your post for someone else's life. Maria, looking at buying a cargo van. Heard about buying trucks and using depreciation. But will we get the same depreciation with a cargo van? Also, should we buy personal or by business? Now, Maria, just last night I recorded my monthly webinar for an hour and a half on how to write off your auto or truck. For 20 bucks, you can go become a member of my monthly webinar series. Go to my website, markjkoler.com and Corey will be posting that video within the next 48 hours and you can watch it and you're going to freaking love it. Now, to answer your question, trucks and cargo vans are going to give you the same freaking write off. You're going to love the depreciation and you can write the whole darn thing off. Number two, for IRS purposes, I don't care if you own it in your own name or if you own it in your business. You just have to use it for business. And I'm gonna wanna know the business use percentage. Adam Johnson says. Mark, do you like supply caps on crypto? No idea. What that means don't care. Sorry, I trade crypto, and I mine for crypto. But Jonathan, does selling mutual fund shares increase your tax bracket? Yes. Ryan says you're finally famous. Does that mean because people are screwing around on my life, Debbie says can't set up HSA after 65 or only if disabled. Okay, Debbie, let me say this again. No one can fund an HSA after age 65, but if you already had one, you're okay. Now, if you're disabled and have a high deductible plan, you can fund an HSA anytime you want up until age 65. Now, if I'm wrong there, I apologize, double check that, but I'm 99.9% sure. Gail Bartlett things okay? Peter Ross says is personal HSA the same as my work one? Can I double dip? Okay, that's a good question, everybody. So here's Peter, and let's say he's got a day job W2 and they're funding an HSA for him. Let's say they're throwing in 200 bucks a month as a bonus or as a benefit. So 200 times 12, they're going to put $2,400 in there. Now, let's say Peter also has a small side hustle, a little llc, and his little side hustle is making him money. That's cool. Or let's say he has no small business at all. He can go out and open a personal HSA at directed IRA and put cryptocurrency in it if he wants. But you can have two HSAs, one that's sponsored at work and one that you go set up yourself. But if Peter single, how much can he put in his HSA this year? $3,600. So he can only put $1,200 more in his personal HSA he set up because his cap is $3,600 a year. If he's a family, it's $7,200. Now, what happens if he buys some crazy cryptocurrency for $1,200 and later in four months, it's worth 50 grand? It just blows up. Is that okay? Sure. His contribution is limited to 3600, but he can make as much money as he wants. Boom. That's what's cool about an hsa. All right, tmiracle boy. Lots of questions on the hsa. I guess I'll stick with it for a minute. Oh, here's some good ones. Are these what, from somewhere else?

Yeah, I think from Instagram.

Oh, Instagram. Would you Recommend using funds in a qualified account to eradicate high percentage debt. No. Do not pull money out of a retirement account to pay off credit card debt. Start a debt snowball on the side. Start a side hustle, get a second or third job and get out of fricking debt. But don't you dare touch your IRA or 401k. Dave Ramsey had said the same damn thing. Okay, Javer says or Jayaviraja. Okay says. Is it mandatory to do a initial cash contribution when forming an S Corp? Well, technically you have to start the S corp with at least a dollar to make it legitimate under state law and the IRS. So Jaya Varaiji, put $10 in the freaking S Corp and you've got your business started. When we set up S Corps, we tell them you're going to put in $100 razoo. Guitar says how how do I transfer title of a primary residence to LLC when turning into a rental property without having. Don't see the other stuff. Okay, now everybody, let's go back to our trifecta. So here's your trust and you have your primary residence over here. This is a great question. So you should have your home owned by your trust. Now, as Arrow said, we were talking about that earlier. If you live in your home two out of five years and you want to sell it, you might not pay any tax on that sell. So think about it. But another strategy, and I have a whole podcast on this, turning your residence into a rental. Go to my podcast, Main Street Business Podcast. Main Street Business Podcast. So cool. We have a whole show on turning your home into a rental. Matt Sorenson has done that three times. The co host of my show. So let's say you're going to set up an LLC owned by your trust 100%. So now this little LLC is set up and you're going to transfer the home up here and turn it into a little VRBO or long term rental. Single family home Rental. I don't care. You transfer it with a warranty deed in most states. In California you call it a grant deed. So you're going to have different types of deeds. We have a deed transfer department at our company. And who's doing the deed transfers now? Corey embarrassed. Anna is in charge of the department. But anyway, call our office, 435-586-9366. I know some of you have called and left some messages. We are so flipping busy. But give us a call and ask for the deed transfer department and we can transfer the deed from your home to your llc. Love it go do it. Excellent strategy. Okay, T miracle says if I don't use the money in my HSA account for medical expenses this year, but then need the money in two years, can I take out what I didn't use if I still have the receipt? Yes, I want to think through that because I've had clients that have formed an hsa, funded it for two or three years, and then four years from now, if you still have the receipt back to the original third year, you can go cash it in and take the money out of your HSA tax free. Now let me give you the technical rule. Let's say, okay, one year, two year, three year, four year, five year, six year, seven year. Okay, let's say you open your HSA at the beginning of year three. So these are your years and you open hsa, you put in money. Every year you put in money, you put in your money. And let's say you put in your money and it also grows like crazy. So you're getting some great returns. So money's coming in from your investments, whether it's stocks, bonds, real estate, cows, crypto, whatever you want. And all of a sudden this HSA is worth 40 grand. You know, you built this thing up over three or four years. You can go back and reimburse yourself tax free for any medical expense. Go back to your doctors and just ask them to print out a receipt. Think of that T Miracle. Just go to your dentist from two years ago. You know, go to any of these expenses you incurred. You can write yourself a check tax free, no tax, boom. Alright. And you're getting a tax deduction every time you put in money and you're getting tax free growth on any investments. Is that crazy? Now can T Miracle go back to here before the HSA was created and reimbursed for medical? No. So the most important thing is get your HSA created because then you can build it up and reimburse yourself any time for any expense that you incurred after the HSA was created. But I can't go back before that. So this is the danger zone. Little Top Gun reference there. Okay,

let's get like maybe one or two more players.

Okay, can we set up HSAs for other people? Family members, young nephews specifically, they have to set up their own hsa. You might gift them money or pay them to fund it. Question if from Mark Mays. If I use income producing assets inside the hsa, is there a limit on the annual funding amount? No, Mark, because look at what I just threw out. Everybody you can put in. Let's say Mark Mays is single. He can put in 3,600. Next year, it'll probably go up to 3,700. Next year, he can probably fit in 3,800. So every year it's like Monopoly. Every time you pass go, you can put your money in. But then what happens if his $3,600 investment is in some crazy investment and now it goes up to $50,000. Great. The next year, puts in his 3700, it gets a $10,000 investment return. Great. Then he puts in his 3600. And this one does crappy. He makes nothing. So your investment returns have nothing to do with your contribution every year. Great Question, Mark. Jonathan says need to know. Best idea to handle an IRA and recently being laid off from my W2. I do have a side hustle. Any recommendation on accessing the funds without impact on taxes in California? Jonathan, I know this is not what you want to hear. And everybody and Jonathan, you know where I'm going. Leave the IRA alone. Now, I get emotional saying that because I know if you got laid off and you have a side hustle, you might be scared to death. How am I going to pay the bills? What's going on? You will regret touching your ira. There will be a penalty. There will be taxes. And there's no way around it either. Jonathan, don't do it. Add a second side hustle. Go work at a 711 late at night. Move out of your apartment. Move in with a friend. Rent a room. Do what it takes to get back on your feet. But people try not to ever, ever touch your retirement account. Keep investing it. When you get back on your feet, start funding it like crazy. Trust me, Jonathan. When you're 50 or 60 years old, you'll be so grateful you didn't touch it. There's people on here I bet you that'll comment. Say, jonathan, don't touch it. I'm 55 years old and I'm freaking out. I wish I wouldn't have so. All right. Oh, boy. Who says that? Florida man says all I want to do is touch my ira. Don't. One more or two? Okay, I'm going to do something that's not hsa, people. I'm not posting anything on Covid. Ignore those stupid posts. What's a good thing just started out at age 18. Okay, I kind of like that. Brad G. Says, what's a good thing just started out at age 18? Start your Roth IRA right now. Brady. Start a side hustle right away. And I want you to watch my video on YouTube. Type, just type in Kohler Million Dollar Roth. Kohler Million dollar Roth. Brad, watch it five times. I'm not kidding. And get your Roth IRA going. Next. I have my workbook on how to start a small business. 99 bucks. Invest in it, start a side hustle and start kicking butt. And Brad, if you live in the Orange county or Hawaii area, come to my youth workshop on Thursday night. It'll be on in Hawaii, it will be on November 18th. And in Orange county, it'll be on November 4th. Try and make it. It'll be affordable. You'll freaking love it. Okay, Corey, I'm going to give away some books. Write down these names. Okay? I'm going to give away. A couple tax and legal playbooks and a couple IRA handbooks. You ready? Okay. I want to give away questions. These to people that are asking questions about self directing kids. Kevin Andrade. Kevin Andrade said, if you sell a rental property within an hsa, do you pay tax on capital gains? No. And you're going to get this book for free and you better freaking read it. Kevin Andrade, a winner. Kevin. Email any of you that I call out your name. Email Corey C o R E yarkjcohler.com he needs your mailing address and he will confirm that you really are who you are and not one of these scammers posting on my freaking feed. Okay, so Kevin Andrade gets the Self Directed IRA Handbook. Okay. Chrissy Oz says, what if my spouse turns 65 a few years before I do? How does the contribution limits change with an HSA? Once your spouse turns 65, you drop down to the single HSA. And Chrissy Oz, you're going to get a tax and legal playbook. Read the chapter on health care, chapter 11. Corey, that's Chrissy Oz. Tax and legal Playbook. Self directing. Brenda Smith says self directed 401k can be converted to a self directed IRA but not the other way around. Nope, you can do the other way around. Brenda, read the book the Self directed IRA Handbook and you just want it for free. Brenda smith, self directed IRA handbook. Email Coreyarkjkohler.com give him your address. And last winner of our I'm going to go with. I need to go with a guy because I've been. Okay, I'm going to go with Brian Mills. Brian Mills. General question. My bank decided my KQS Setup LLC crypto mining business was a msb. Any bank recommendations? Brian, you told your bank too much. Corey, we still have that YouTube video. Right? Don't be careful what you tell your bank. Brian, I want you to go to YouTube and type Kohler bank. Don't trust your banker. Something like that. Don't trust your banker Kohler. Brian, go watch that video on YouTube and you're going to get a tax and legal playbook. Brian Mills, tax and legal playbook. Now I have a crypto mining bank account and they were a pain in the butt too. You're told your bank too much. So I'll teach you how to get around that. Brian. All right everybody, I want to tell you thanks. Next week on Thursday I'm going to be in Chicago. I don't know if I'll go live from Chicago. Are we Cory? We can try to go live from Chicago. We'll see. Corey says absolutely. It's not a problem at all. Mark. There's no technical issues at all. Of course that's not what he said. We'll see how it goes. Maybe we'll see you next week. I'll be in Chicago a week from today teaching the classes on Friday and Saturday. So thanks everybody. Keep living the dream. Don't give up. Give me a five star. Share it and avoid any scammers. That freaking post on my lives makes me mad. Right. See you buddy.