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IRS funds for down payment

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Theodore Brooks Guest	Posted: Sat Jun 18, 2011 12:26 am    Post subject: IRS funds for down payment Like 0 Dislike 0 I'm a first time buyer along with my wife and both of us are planning to buy a property. We both have IRA retirement funds and now we're planning to use it for down payment. Is it is a good option to use the IRS funds for down payment? Also can you let me know what is meant by qualified acquisition costs? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sat Jun 18, 2011 12:36 am    Post subject: Like 0 Dislike 0 Hi Theodore! Welcome to forums! As far as I know, as per the IRS, if both the husband and wife are first-time home buyers, they each will be able to withdraw up to $10,000 from their IRA funds for qualified acquisition costs penalty-free for a first home. Nevertheless, it will be a better option if you could contact a tax adviser and take his opinion in this regard. Qualified acquisition costs include the costs of buying, building, or rebuilding a home. It also includes any reasonable settlement, financing, or closing costs. Feel free to ask if you've further queries. Sussane

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