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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.
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