Posted on: 21st Jan, 2010 12:48 pm
I have never owned a house but considering purchasing a fifth wheel RV and living in it permanently. Can I use my Simple IRa and Roth funds to contribute to the purchasing of the RV? I will be buying the RV outright no loans, ect I am under 53 and have had these accounts for only a couple of years.
you can certainly use your ira funds for such a purchase, but keep in mind that there will be penalties for the premature withdrawals as well as taxes due on next year's tax return. if you're willing to put up with that loss, and you really want to do it, then why not just go for it?
i assume you're on your own so that you won't be affecting anyone else's well-being.
i assume you're on your own so that you won't be affecting anyone else's well-being.
I was wondering if the RV constituted a first timepurchased home that the early withdrawal of funds would not create penalties?
okay...good question. for that, i'd say check with your tax advisor, if you have one. if you don't, go on the irs.gov website and look it up. it's not hard to navigate that site, and i'm sure you'll find the answer you need there. here - not so much - but you'll get scads of opinions. not from me, though, as i simply don't know the answer to that.
Thank - you appreciate it.