However, they’ve had their house for 17 years and paid about 160,000 for it, no?
This would mean a much lower mortgage. They could also have put a large down payment on the house, yielding an even lower mortgage.
It is possible to have explanations for their financial situation within the set of facts that we have been given. What chaps my hide is when one of the kids is used as a prop (like he was on Bill Maher’s show) asking why Bush doesn’t want kids to have health care.
I stand corrected. They bought it for $55,000. Good for them.
All I know is they claim they pay a 1200/mo mortgage. that translates to a $200,000 debt. Maybe they took out a second mortgage, who knows.
It’s interesting to see that it is NOT their primary residence, which makes one ask, where IS their primary residence?
They must have rented it out, and possibly own more rental property somewhere. IF so, why isn’t this income reported as well as their 45k anual income claim?
As people can see, these people are not stupid, they are collage grads, and know something of bookeeping. Now, they may have legally hidden assets and income somewhere, and managed to reduce their visible income to 45k for IRS eyes to see. But that doesn’t give them the right to scam taxpayers for medical expenses they can well afford to pay.
Why didn’t he have medical insurance? Probably because he didn’t need it, so why pay priemiums when you have sufficient cash and assets that can be tapped if needed? Better to put that money somewhere else instead where it can grow.
I can tell you why I don’t have medical insurance. I don’t need any. I can pay for all my needs no matter what happens. It’s all tax deductible. All the funds can be taken out of investment savings which have grown over the years so that they act as my own private insurance plan. By using it for health costs, I avoid paying taxes on funds taken out of it, which I would otherwize have to pay.