I have a construction loan, but it was not enough to build my new house.
I took out money from my 401K to help pay for the new house build
Is this tax deductible?
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No, the money you took from your 401K is not deductible, its a taxable transaction and if you're under 59 1/2 years old, will be subject to early withdrawal penalty as well.
No, the money you took from your 401K is not deductible, its a taxable transaction and if you're under 59 1/2 years old, will be subject to early withdrawal penalty as well.
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