Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
Unfortunately, there is currently no first time homebuyer tax incentive
Also, you're going to be better off financially borrowing more for the house rather than taking a distribution from a tax deferred account.
You would only be able to take $10,000 penalty free, and only if you have never used the $10,000 before.
I can withdraw from the retirement account penalty free
You will owe income tax on the entire withdrawal amount
Only $10,000 - and only if you have never used retirement funds to purchase a home
Ok so no tax break on lump sum down payment
No, there's no tax break on a lump sum down payment
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