in order to use an IRA for first time home purchase, one need not necessarily be a first-time home buyer. The rule, as I understand it, is that the individual and their spouse must not have owned a home as a principal residence during the two-year period ending on the date of acquisition of the new home.there is a $10,000 lifetime maximum, which I believe applies to the IRA owner, not the homebuyer---i.e.--the man and his wife could EACH take $10,000 from their IRA's.Also saw this on www.fairmark.com which may be of interest since you mentioned the military:The two-year period is extended in the case of certain individuals who sold a home and qualified for an extended rollover period because they serve in the armed forces or live overseas.but I couldn't find any other info on that.hope this helps'zila
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. M