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| Subject: 401K Loan for home | Date: 11/14/2000 6:24 AM | |
| Author: IreneRose | Number: 41754 of 118626 | |
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I borrowed from my 401K to purchase a home. My 401K plan states that when you leave the company the loan becomes due and payable. I know that usually means either you pay off the loan in cash, or a taxable event occurs. (at least that's what I thought.) A friend of mine is telling me that because I used the loan proceeds to pay for a home, there is no taxable event if the loan isn't paid back when I leave. Could this possibly be true, or is she full of beans? IR |
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