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If we use part of a 1099-R IRA as a down payment for an RV - second home, can we deduct this amount somewhere?
This has to do with Wells Fargo account. We used $5000.00 as the down payment. Is there any way to not pay income taxes for that amount?
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posted
June 4, 2019
2:10 PM
last updated
June 04, 2019
2:10 PM
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If we use part of a 1099-R IRA as a down payment for an RV - second home, can we deduct this amount somewhere?
Unfortunately, no. Generally speaking, distributions from a traditional IRA are taxable income. If you withdrew the money prior to age 59 1/2, there will also be a 10% penalty for the early distribution. The exception to this penalty for first-time homebuyers will not apply in your situation.
June 4, 2019
2:10 PM
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If we use part of a 1099-R IRA as a down payment for an RV - second home, can we deduct this amount somewhere?
Unfortunately, no. Generally speaking, distributions from a traditional IRA are taxable income. If you withdrew the money prior to age 59 1/2, there will also be a 10% penalty for the early distribution. The exception to this penalty for first-time homebuyers will not apply in your situation.
June 4, 2019
2:10 PM
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