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New Member
posted Jan 28, 2025 4:03:47 PM

If I withdrew money from my investments to purchase a vehicle. How do I claim this for maximum benefit?

I withdrew the amount to pay in full for a $60K vehicle

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1 Replies
Level 15
Jan 28, 2025 4:11:00 PM

What investments?  Do you mean money from a retirement account?  Money from a brokerage account?  

 

If you took money out of a retirement account like an IRA, and you are under 59 1/2, you pay a 10% early withdrawal penalty plus ordinary income tax.  You will get a 1099R for that.

 

If you sold some sort of stocks or investment funds, you will get a 1099B.   

 

Or did you get the money from someplace else?

 

Not sure why you think there is going to be a benefit for purchasing a car---which usually begins to lose value when you drive out of the dealership in it.