The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  IRA withdrawal for first time home buyer Date:  3/3/2009  11:00 PM
Author:  chuckmortensen Number:  104939 of 123001

I just read in IRS Pub 590 (2008) that IRA withdrawals are penalty free up to $10,000 when used for the purchase of a first time home for yourself, your spouse, your child, grandchild, or parent. My wife and I have often discussed helping our children buy their first homes and it is one of our investing objectives. My question is: is the $10,000 limit per homebuyer? We have 2 children. Could my wife and I both withdraw $10,000 each fo