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Treasurehunt1
Level 2
July 6, 2020

First Time Home Buyers

  • July 6, 2020
  • 2 replies
  • 20 views

Are retirement funds used to purchase a first home tax deductible?  Also, does it matter if it is a total purchase or down payment?

Thank you,

    This topic has been closed for replies.

    2 replies

    sjrcpa
    sjrcpa
    Level 15
    July 6, 2020

    No and it doesn't matter.

    The more I know the more I don’t know.
      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      July 6, 2020

      The first $10,000 might be able to have the 10% penalty for early withdrawal excluded if if its an IRA...but its all taxable.

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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