Compare Mortgage Quotes

cap321 · Joined: 21 Dec 2008 Posts: 3 2.05 Dollars($)

I'm looking to buy a cheap foreclosure and would like to make a cash offer. I would like to use our IRA funds for the money and I was wondering if anyone knows exactly how the distribution works. I know that each spouse is allowed $10,000 (assuming they meet all the qualifications). But can I pull the full $20,000 out of a single IRA account, as long as we file taxes Married Filing Jointly?

Thanks so much for your help.

adonis · Posted: Mon Jan 26, 2009 10:21 pm Post subject:

Hey cap,

As far as IRA account is concerned, it is an individual retirement account and I don't think you will be able to pull the full $20,000 out of a single IRA account. You should consult a tax expert in this regard who will be able to help you in this issue.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

IRA distribution for 1st time homebuyer couples