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The condo purchase will be our primary residence. My borther is retired on SS and Pension income and I am also retired with SS and small pension income and a real estate broker with commssion income. Together our income is over 100K annually.
It is also one condo.
OK I understand. So I have to claim 30K on each of our returns to be taxes--bad news.
ok I will check it out.
Guess I was looking for a magic bullet. What if we were purchasing this condo as an investment to rent? Would that be
That will not work.
After I compute the taxes for 2011 and 2012 can the taxes be paid by installment payments during the year
I will check out prosper.com. too. I dont think personal loans will go that high but will check.
Is there anything else you can think of
I dont follow your last comment. The withdrawal is totally to pay the balance of the purchase.
You are talking about paying estimated taxes under 25K can avoid penalty.
I do understand and will readjust my calculations.
Well, I will follow what you tell me. I have a tax program and will do the calculations for estimated tax based on your suggestions half IRA w/d 2011 and Jan2012.
Also to include the taxes on both.
I will consider depositing 6K too in an IRA before April 2012 and next year for each of us.
Do you have any other ideas?
JAX are you there?