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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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Lisa S
Level 1
05-10-2021
10:04 PM
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I have a client who would like to buy a new principal residence with IRA money in order to make an all cash offer. He would then immediately put a mortgage on the house and rollover the IRA money. If this mortgage is put on the house within 30 days of purchase, can it be considered as mortgage debt used to acquire the home and thus be deductible?
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George4Tacks
Level 15
05-10-2021
10:12 PM
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Greetings New User - ,
You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support of the not so professional .
Have a wonderful day!
Here's wishing you many Happy Returns
qbteachmt
Level 15
05-11-2021
10:59 AM
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"If this mortgage is put on the house within 30 days of purchase, can it be considered as mortgage debt used to acquire the home and thus be deductible?"
Uh, no. Mortgages are not deductible. And taking money from their IRA, even if they won't have an early distribution penalty, and won't have any withholding, is very risky, given they have a limited timeframe to make this happen.
They should get pre-qualified. That's the same as All Cash. All Cash simply means the Seller won't need to carry any debt or wait for settlement.
Sheesh. The ideas people come up with are amazing.
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sjrcpa
Level 15
05-11-2021
04:24 PM
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Also consider Prohibited Transaction rules.
Ex-AllStar
