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I have a regular IRA $40, and want to confirm what a State…

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I have a regular...

I have a regular IRA $40, and want to confirm what a State Emp Credit Union told me. I paid $160, for my NC home and am considering buying a house for $235, in WVa. I owe $30, on my NC home. My goal is to not have a mortgage pmt at the next home. DOB ***********, I will be 70.5 Dec 2019. Question: Can I apply some or all of the IRA money towards purchase of the WVa home now without tax/penalties? I was told I have a big cushion before I'm liable for Capital Gains and I should be able to withdrawal from the IRA if it's applied directly towards the new purchase. What do you think?

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I am retired, single & only dependent is a dog :):) Only income is SS 1,544. mo. Have nearly $12,000 in credit card debt (0% int). I have recently settled w/ NC over a broken leg with $$ are non taxable.

Submitted: 8 months ago.Category: Tax
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9/28/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,362
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Welcome to JustAnswer! My name is***** ® professional.

Any funds withdrawn from a traditional IRA are included in your ordinary income and taxed at your current ordinary income tax rate.

You may have a cushion as a single tax payer to exclude gains up to $250,000 on your federal taxes for a primary residence if you meet all the requirements.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago

I would be happy to clarify my answer above or answer any additional questions you may have.

Thank you!

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago

If you have any further questions please let me know.

If you are satisfied with this answer, a positive rating by clicking on three stars or more would be appreciated.

Thank you!

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