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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.


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