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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?
1 Reply
MargaretL
Employee Tax Expert

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."

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