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What is the deficition of "first home purchase" in using IRA distribution?
We owned a house in another state (not our primary for 3 years) and bought a new home with the IRA monies, does it qualify for this?
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May 31, 2019
7:46 PM
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Retirement tax questions
Yes - you may qualify for the exception if you had no interest in a main home and met the 2-year rule:
Per IRS: (page 26, IRS Pub 590B): "Generally, you are a first-time
homebuyer if you had no present interest in a main home
during the 2-year period ending on the date of acquisition
of the home which the distribution is being used to buy,
build, or rebuild. If you are married, your spouse must also
meet this no-ownership requirement."
May 31, 2019
7:46 PM