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dhalvers1 · Joined: 28 Nov 2010 Posts: 1 1.24 Dollars($)

I would like to use $10 k from my IRA to build a new home. What are the tax implications

adonis · Posted: Sun Nov 28, 2010 8:10 pm Post subject:

Hi dhalvers,

If you're 59 and 1/2 years old, then you won't be liable for paying taxes. However, if you're not 59 and 1/2 years old, then you'll be liable for paying 10% taxes on the withdrawn amount.

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AM I subject to taxes on the $10K withdrawal from IRA funds to build a house

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