Updated over 5 years ago on . Most recent reply
Using an IRA Distribution for a Down payment for a Second Home
Greeting all. I recently took an early distribution of funds from a traditional IRA to use towards the down payment for a second - home mortgage. My first home I co-own with someone else, and I purchased it in 2016. Anyone out there know if the first 10K that I took from the distribution is exempt from tax (since I used it towards a second property)? My understanding is that it is exempt for a first home purchase...but I'm not sure if, after a certain number of years, it can be used again for a second.