Does a Roth IRA qualify for the $8000 homebuyer tax credit?

Submitted by Justin Farris on Wed, 2010-02-24 19:28

Does any one know if one is eligible for the tax credit if you buy a home within your Roth IRA?



Submitted by Alan Spross on Wed, 2010-02-24 23:42

This is not possible. The homebuyer credit is for owner occupied homes, while holding your own home in an IRA is a prohibited transaction and will result in a taxable distribution of the IRA.



Submitted by Justin Farris on Sat, 2010-02-27 19:24

Thanks for the info! I guess it was wishful thinking on my part.



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