Home Buyer Credit, Taxes and IRA's? - ira withdrawal first time home buyer
I am thinking seriously about taking advantage of the time 8k $ 1 credit for buyers of this year. But I understand the tax consequences in this regard. Question: In my opinion, the $ 8K will not be paid and is refundable. Is that correct? Second question: Let's say I wanted a loan of 5 km from my IRA to help with Down, what are the concerns of the tax? I know he would be responsible for taxes, which I retired, but would also be a penalty for early withdrawal? Third question: If you combine the tax burden distribution at the beginning of the IRA, the tax credit of $ 8K and expenditure of households that are written by taxes (points, etc.), it is possible that I can receive a refund equal to or near the amount of your IRA distribution? How could in essence, put money in my IRA? Can we not the math and explain? Thx.
Saturday, December 26, 2009
Ira Withdrawal First Time Home Buyer Home Buyer Credit, Taxes And IRA's?
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4 comments:
I'm not a CPA but if you check out my blog http://firsttimehome.us there is a link to Facebook and a CPA representing turbotax.
Answers to these questions for first time home buyers will no doubt be very helpful.
The penalty is 10% in the 5K is in a 500-shot at. The penalties in their taxes for the purchase of housing is high, but you can not cancel more than they should. Without knowing what your normal tax charge is made, impossible to estimate their return. But if you plan to do on the house of your dreams, where you plan to stay for at least 10 years, do not go then. Shopping opportunities are not that great play.
Homes and low prices, low interest rates and a tax credit 8k. There is nothing better. Be sure to credit only what you can afford
The penalty is 10% in the 5K is in a 500-shot at. The penalties in their taxes for the purchase of housing is high, but you can not cancel more than they should. Without knowing what your normal tax charge is made, impossible to estimate their return. But if you plan to do on the house of your dreams, where you plan to stay for at least 10 years, do not go then. Shopping opportunities are not that great play.
Homes and low prices, low interest rates and a tax credit 8k. There is nothing better. Be sure to credit only what you can afford
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