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Updated about 10 years ago on . Most recent reply presented by

Account Closed
  • Indiana
0
Votes |
10
Posts

Withdrawing money from a mutual fund to purchase real estate.

Account Closed
  • Indiana
Posted

I hope this is the correct forum to post this question. 

I currently have a mutual fund account with around 25k that I would like to use towards the purchase on an investment property. Long story short, my parents set this account up for me when I was born and they have added to it my entire life. Now that I have graduated college, the account and money has been turned over to me. As of now, the only option I know of is to sell the funds, withdraw the money, and then pay taxes on all of that money. Then use what is left towards the purchase of a property.

I was wondering if anyone on BP knew of any other options that would have some tax advantages? I plan on talking more with my financial adviser but thought I would do a little research beforehand. 

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