turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Deciphering Your Tax Forms on Feb 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

litlbit32
New Member

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?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MargaretL
Expert Alumni

What is the deficition of "first home purchase" in using IRA distribution?

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."

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question