Purchase Home
Questions about the IRA distribution for first-time home purchase?
In November 2006, I bought my first house. I took a total of $ 11,000 in early distributions from two traditional IRA to fund a down payment. I know that $ 10,000 of this will be the fine by 10% for expenses greeted first home purchase. I have two questions. What qualifies as an expense to buy the house and how I can use to show the IRS that the money distribution earlier was used to purchase their first home?
If you meet one of the exceptions to the tax, and your Form 1099-R does not have a distribution code "2", "3", or "4" in the box labeled "Distribution Code (s)", or whether the code shown is incorrect, must file Form 5329 to claim the exception. Buying a home first time means that this is the first house and / or your spouse have ever owned, http://www.irs.gov/publications/p575/index. html
Buying a Car or Home Without Riba (Interest)
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