Simple IRA withdawal to repair then sell home

[tsventuri]

I'm 57 and want to repair / renovate my home and then sell it.  If I borrow from my Simple IRA and then replace the funds when the home is sold, can I avoid penalties?

[Joe_D-CPA-PFS-CFP]

Hi tsventuri,

Thanks for the question. Unfortunately, you can't take a loan from your SIMPLE IRA. Any withdrawal will be taxable at ordinary income rates with an early withdrawal penalty since you are under age 59.5. This is not eligible for any exception since you already own the home.

If you have any more questions feel free to ask.