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First Time Home Buyers

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Are retirement funds used to purchase a first home tax deductible?  Also, does it matter if it is a total purchase or down payment?

Thank you,

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Level 15
Level 15

The first $10,000 might be able to have the 10% penalty for early withdrawal excluded if if its an IRA...but its all taxable.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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2 Replies 2
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Level 15

No and it doesn't matter.


ex-AllStar
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Level 15
Level 15

The first $10,000 might be able to have the 10% penalty for early withdrawal excluded if if its an IRA...but its all taxable.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post