UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Author: JDWebster Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76237  
Subject: Roth IRA for house Date: 2/2/1998 1:44 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi,
Has anybody any thoughts on using a Roth IRA just to save for a first house? Also what qualifies as a first house? I just got married, my wife already owns a house, if we sell it and I buy a house does that qualify? I'm thinking of putting the max ($2000?) a year in a Roth IRA and then taking it our in five years for a downpayment on a house. Or should I just invest my money in another fashion, UV4 for instance?

Thanks,
JDWebster
Print the post Back To Top
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1590 of 76237
Subject: Re: Roth IRA for house Date: 2/2/1998 5:33 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Greetings, JDWebster, and welcome.

<<Has anybody any thoughts on using a Roth IRA just to save for a first house? Also what qualifies as a first house? I just got married, my wife already owns a house, if we sell it and I buy a house does that qualify? I'm thinking of putting the max ($2000?) a year in a Roth IRA and then taking it our in five years for a downpayment on a house. Or should I just invest my money in another fashion, UV4 for instance?>>

If you have a house now, then to qualify as a first-time home buyer you will have to shed that one and then wait two years before you will be eligible to take up to $10K from a Roth (or a traditional) IRA to buy a new one. If you put in $10K over five years, you could take it and then leave the earnings to compound. Touch the earnings before 59 ½, and you'll pay taxes and a penalty.

Regards……Pixy



Print the post Back To Top
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Advertisement