IRA/Taxes before 59 1/2
Can I buy my fathers property and home he lives on with money from my and IRA without a 10% penalty as I am only 53.
Can I buy my fathers property and home he lives on with money from my and IRA without a 10% penalty as I am only 53.
Permalink Submitted by Alan - IRA critic on Mon, 2018-06-18 17:27
The 10% penalty on your IRA distribution up to 10,000 (lifetime limit) would be waived if you met the requirements for a first time homebuyer. A first time homebuyer cannot have had an interest in a home at anytime in the 2 years prior to the date of acquisition of the new purchase. If married, your spouse must also meet that requirement.