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Level 2

Question

Using IRA for first home purchase.

3 replies
26 views

I know I can use my Traditional IRA for closing costs, but can I also use it for inspection and appraisal fees? Also, can I draw the full $10k into a separate account to pay these fees instead of having to do a draw (which have fees of their own) on every transaction?

TurboTax Deluxe Online

Level 15

You don't have to withdraw the money for individual expenses or even keep the money in a separate account. You just need to spend at least as much on "qualified acquisition costs" (closing costs, down payments and other reasonable and ordinary costs of buying a home) as the amount you withdraw.

montegod7ssAuthor

Level 2

Are inspection and appraisal fees considered reasonable? Moving expenses? The code is so vague it makes it hard to figure out exactly how much I can get done under the $10k cap.