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use 401K/IRA funds to buy a second home

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gptyler Joined: 25 Apr 2010 Posts: 1 1.00 Dollars($)	Posted: Sun Apr 25, 2010 11:16 am    Post subject: use 401K/IRA funds to buy a second home Like 0 Dislike 0 My wife and I are both retired (over 65) we would like to take advantage of the soft real estate market and purchase a second home largely to bet on the investment in a resurgent market. We would use it about 4 months of the year and maybe rent the other 8. We have enough in the accounts to cover the purchase. Can we make a tax free purchase and then when we sell in 5-8 years return the selling price to the tax defferd account. If so how would this affect the mandatory distribution. Your help is appreciated
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Apr 26, 2010 6:25 am    Post subject: Purchase Like 0 Dislike 0 Those are tax accountant type questions and way beyoind the scope of mortgage professionals in this forum. You are welcome to ask here and there may be an accountant or CPA type person who can answer your question. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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