Hi,
I need assistance with validating if I qualify as first time home buyer for IRA withdrawl.
I have been renting for the last 8 years and am looking to close on a property in US. Per IRS you can withdraw upto $10,000 each (me and my spouse) without paying 10% penalty when purchasing home for the first time.
Though I do own two properties that I purchased in 2010 and 2012 abroad that are reported on my taxes every year since I do get rental income on those properties. Would owning properties that are rented out full year disqualify me as first time home buyer ? I would think that is true but wanted to get clarification.
Please note that I was not aware of this rule back in 2010 and never withdrew from IRA when I purchased my first property.
Thanks
