UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Author: brooklynfool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76079  
Subject: Using IRA $ to purchase a home Date: 9/23/1998 11:10 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Greetings,

We're looking at different finance options for purchasing our first house. We currently own shares in a coop and want to know if the IRS will permit us to withdraw $ penalty free to purchase our first house. (We do not have a mortgage on the shares of the coop.)

Any feedback or links would be appreciated.

Thanks.

Gideon

P.S. I posted a similar message on the buying a home message board, but received no feedback.
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: 5598 of 76079
Subject: Re: Using IRA $ to purchase a home Date: 9/24/1998 8:53 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Gideon, you asked:

We're looking at different finance options for purchasing our first house. We currently own shares in a coop and want to know if the IRS will permit us to withdraw $ penalty free to purchase our first house. (We do not have a mortgage on the shares of the coop.)

.The cooperative is your residence even if you don't own all of it. Therefore, you won't qualify for the once in a lifetime penalty-free withdrawal of $10K for the purchase of your home. To qualify, you must not have owned your residence in the past two years, and you do own yours through the shares you own in your cooperative.

Regards….Pixy



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