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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15312
Experience:  15years with H & R Block. Divisional leader, Instructor
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I want to sell my home, which is free and clear, and

Customer Question

I want to sell my home, which is free and clear, and purchase another, but I can't afford to purchase another home without selling my current home first.
Would I be taxed on a withdrawal from an Inherited IRA for money to be used in purchasing a home which would then give me the opportunity to sell my current home?
I am a senior and my only income is from Social Security.
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


If the IRS is a Traditional IRA and not a ROTH then yes, you will be taxed on the distribution to you. This will all make some of your SS taxable to you in the year of the distribution (up to 85% of your SS could be taxable depending on how much you take out of that IRA).

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Expert:  Robin D. replied 1 year ago.

If the IRS should read if the IRA

Expert:  Robin D. replied 1 year ago.

Please post below if you need more information

Expert:  Robin D. replied 1 year ago.

Checking back to see if you responded in anyway