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I am considering taking money out of my retirement fund to…

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I am considering taking...

I am considering taking money out of my retirement fund to buy the office condominium I work in. It has come up for sale. My understanding is that I would be able to write off the money for the purchase on as a business expense and there fore would not have to pay taxes on the retirement funds. Right?

Accountant's Assistant: The Expert will know how to help. Is there anything else important you think the Expert should know?

That all I can think of.

Submitted: 9 months ago.Category: Tax
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9/14/2017
Tax Professional: emc011075, Tax adviser replied 9 months ago
emc011075
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Hi. My name is ***** ***** I will be happy to help you.

Are you 59 1/2 or older?

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Tax Professional: emc011075, Tax adviser replied 9 months ago

Capital assets like buildings, machinery or equipment generally cannot be written off in one year. Even if you claim sec 179, which will allow you to write of 100% of the purchase price, on some furnishing or equipment, you cannot claim sec 179 on real property like a building. A nonresidential business property has to be depreciated over 39 years. It means that you will be deducting 1/39 of the purchase price for the next 40 years.

In addition, if you are not 59 1/2 or older the distribution will be subject to 10% early distribution penalty.

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