ira distributions to purchase a home
can a client withdraw money from their ira rollover for the purchase of a home(NOT a first time homebuyer)and put it back within a year and not pay taxes on the distribution?
thanks
Irene
can a client withdraw money from their ira rollover for the purchase of a home(NOT a first time homebuyer)and put it back within a year and not pay taxes on the distribution?
thanks
Irene
Permalink Submitted by Alan Spross on Wed, 2008-06-04 20:00
No.
The rollover deadline is 60 days.
There may be exception possibilities under both Qualified Hurricance and Qualified Reservist Distributions that allow for repayment of prior distributions regardless of use. These are specialized situations for which Pub 590 rules should be consulted.