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odellnorman · Joined: 12 Sep 2010 Posts: 1 1.32 Dollars($)

my mother passed away 10 years ago, she left no will. I am the only heir. The city holds a lien on this property because she had some home repairs with city bond money. I have not owned a home for 15 years, I am 60 years old, can I withdraw 10,000 from my IRA and use it to pay off the money owed the city and be considered a first time home buyer? Will I have to pay taxes on the money I withdraw?
I had planned to use (quite tittle) to start the process but not before I secure the IRA money.

adonis · Posted: Sun Sep 12, 2010 10:19 pm Post subject:

Welcome odellnorman,

You can withdraw money from your retirement savings in order to pay off the lien on your mother's property and then claim it. You will be considered as a first time home buyer as you haven't owned a property in the last 15 years. You won't have to pay any taxes for withdrawing money from your IRA as you're 60 years of age.

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