Hi,
Need some help with a question regarding an IRA withdrawal and tax penalty. We had heard that if we purchase a retirement property using the entire amount of our IRA and match dollar-for-dollar the amount of the home we're purchasing (ex. IRA withdrawal $120,000 / Property cost $120,000) we do not have to pay tax on the IRA monies we withdrew. Is this correct??
Thank you,
Tammy
Need some help with a question regarding an IRA withdrawal and tax penalty. We had heard that if we purchase a retirement property using the entire amount of our IRA and match dollar-for-dollar the amount of the home we're purchasing (ex. IRA withdrawal $120,000 / Property cost $120,000) we do not have to pay tax on the IRA monies we withdrew. Is this correct??
Thank you,
Tammy