Events Calendar
In This Section
Most Read Stories
Fourth of July Events; fireworks, neighborhood parades
Tragic accident cause of death of BMX biker
Indians' Borowski on borrowed time
Governor will use cornhole to fund campaign
Police seek Akron man in deadly shooting
Mail Pouch signs are fading fast
Blogs:
Akron Law Café:
Exxon Saved From the Rocks: The Supreme Court Limits Punitive Damages
The Heldenfiles:
Happy Day
Balanced Ledger:
Olympics, interested?
Patrick McManamon:
Yellowstone, C.C. Sabathia, Brian Windhorst and … yes … Yellowstone
Browns Bulletin:
ESPN's Browns love-in chugs along
Cleveland Browns:
Bentley leaves minicamp
Cleveland Indians:
Spanked on Independence Day
Akron Aeros:
All Stars, Roster Moves and More!
Akron Zips:
Contemplating fall camp
Varsity Letters:
CVCA junior soccer stars Speas & Mason to play at UA
Kent State Sports:
Jarvis on Maxwell watch list
Ohio Politics:
2008 = 1972? 1976? 1992? 2000? 2004?
All Da King's Men:
Words For Independence Day
Blog of Mass Destruction:
Dependence Day
Akrocentric:
Charles Taormina discusses "Acceptance of Individual Authors," self-publishing resources
Akron Gamer:
Harmonix keeps on Rock'n
BokBluster:
Patriot Games
Ohio Travels with Betty:
Is there an American Girl store in Ohio?
Olympic Dreams - Running:
Back to Phase One
Sound Check:
Tim McGraw wows and woos Blossom
Tia's Trends:
Saks Saleswoman Accused of Stealing $1 Million
Published on Saturday, Aug 25, 2007
If you're in the market for your first home and need a financial leg up, you might want to consider taking money out of your IRA.
Withdrawing cash from an IRA before you turn 591/2 typically carries hefty penalties, but the IRS makes an exception for first-time home buyers.
You can take up to $10,000 out of your IRA penalty-free as long as you put the money toward building, buying or refurbishing your first home within 120 days of receiving the money.
If your spouse also qualifies as a first-time buyer, you can get up to $20,000 to invest in your dream home.
A first-time home buyer is anyone who hasn't held an ownership interest in a main home for the last two years, according to IRS Publication 590.
You might even qualify for the penalty-free withdrawal if you're not planning to live in the home yourself.
For information, visit http://www.irs.gov on the Web or talk to a certified public accountant.
If you're in the market for your first home and need a financial leg up, you might want to consider taking money out of your IRA.
Get the full article here.
