AM I subject to taxes on the $10K withdrawal from IRA funds to build a house

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adonis

Posted on: 28th Nov, 2010 07:44 am

I would like to use $10 k from my IRA to build a new home. What are the tax implications

Total Reply : 1

Hi dhalvers,

If you're 59 and 1/2 years old, then you won't be liable for paying taxes. However, if you're not 59 and 1/2 years old, then you'll be liable for paying 10% taxes on the withdrawn amount.

adonis

Posted on: 28th Nov, 2010 07:10 pm

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