Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I have a roth IRA account and I would like to withdrawal
I have a roth IRA account and I would like to withdrawal some of my previous contributions to help with my first time home purchase? I was told I could do this without penalty. Can you give me more in… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,867 satisfied customers
A potential client is looking at cashing in an annuity that
A potential client is looking at cashing in an annuity that he bought with pre-tax dollars from an IRA, i.e. he bought a life insurance annuity with an IRS. He wants to cash in the annuity, or at leas… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,867 satisfied customers
I want to purchase a home and I am using funds from a Roth
I want to purchase a home and I am using funds from a Roth IRA and a small Traditional IRA to make the downpayment. I know there is an exemption to the tax for qualified homebuyers, but I can't find t… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,339 satisfied customers
My husband and I are in the process of accepting an offer on
My husband and I are in the process of accepting an offer on our primary residence. By the time of closing will have owned the home 16 months. Our mortgage payoff is around 140,000 and our net after c… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,935 satisfied customers
II took money out of my ira to make a down payment on a
II took money out of my ira to make a down payment on a house that I live in year around. Can I deduct that? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,935 satisfied customers
I would like to use some money from my IRA as a down payment
I would like to use some money from my IRA as a down payment on a house. I want to know if I qualify for the first time home buyer exemption because my wife has never owned a home. We live together bu… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,606 satisfied customers
I have approx. 18k in a Roth 401k, 24k in a roth IRA, and
I have approx. 18k in a Roth 401k, 24k in a roth IRA, and 23k in a traditional IRA...I'm looking at buying a house in NY and would need some additional cash for down payment. I'm wondering which accou… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,935 satisfied customers
My husband and I are residence of California. Can my husband
My husband and I are residence of California. Can my husband and I claim the interest on the home loan in California that is in just my name that I purchased before we were married on our taxes, along… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,606 satisfied customers
I need to take an IRA distribution to buy a house as a qualified
I need to take an IRA distribution to buy a house as a qualified first time homeowner. I understand that I will be exempt from penalty but will have to pay the income taxes on that distribution. So...… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,814 satisfied customers
I would like to take $10000.00 from my Traditional IRA account
I would like to take $10000.00 from my Traditional IRA account because I want to purchase a reliable automobile for my daughter who is college. I know that I will be penalized by withdrawing this amou… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
Can I take an early IRA distribution AFTER my loan closes and
Can I take an early IRA distribution AFTER my loan closes and still apply the distribution for the first time home buyers exception? Publication 590 is not particularly clear on this.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,935 satisfied customers
I am looking to liquidate part of my Traditional IRA and possibly
I am looking to liquidate part of my Traditional IRA and possibly my ROTH IRA to make a first time home purchase in NY. I will not be on the mortgage but I am on the contract and I will be on the deed… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,636 satisfied customers
I am about to buy a house and need to make an early withdrawal
I am about to buy a house and need to make an early withdrawal from an IRA for the down payment. It may be somewhere around $100,000 - 200,000. I hear there will be a 10% penalty from the IRS (in addi… read more
Tax.appeal.168
Tax.appeal.168
Principal
4,895 satisfied customers
I am in the process of purchasing a home and would like to
I am in the process of purchasing a home and would like to use some of the money I have sitting in a 401k with my previous employer. My Retirement specialist indicated that the only way I could use th… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I am planning to use funds from my IRA account to purchase
I am planning to use funds from my IRA account to purchase my first home. My down payment (using a homepath loan) and closing cost will add up to about $11,000. Will I have to pay taxes or a penalty t… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,278 satisfied customers
Will be FIRST TIME HOME BUYER this year, 2009. Want to know
Will be FIRST TIME HOME BUYER this year, 2009. Want to know if I can use 403 Tax Sheltered Annuity money as part of deposit WITHOUT penalty?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Can money be withdrawn from an IRA be used as a down
Can money be withdrawn from an IRA be used as a down payment on a primary residence without it being penalized with income tax?… read more
WebTaxMan
WebTaxMan
Tax Accountant
Bachelor's Degree
576 satisfied customers
I am thinking of buying my first home here most likely in ...
I am thinking of buying my first home here most likely in July of this year. I have money in a 401k from a previous employer and I would like to use some of that for a down payment on my housing purch… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

18,935 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x