topic If we use part of a 1099-R IRA as a down payment for an RV - second home, can we deduct this amount somewhere? in Retirement tax questions

If we use part of a 1099-R IRA as a down payment for an RV - second home, can we deduct this amount somewhere?

kdeduct — Tue, 04 Jun 2019 21:10:54 GMT

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?

Unfortunately, no. Generally speaking, distributions fro...

RichardG — Tue, 04 Jun 2019 21:10:56 GMT

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.