Before you use your Roth IRA or traditional IRA to buy a house here are a few specific things you will want to know to avoid the 10% early withdrawal penalty from the IRS. Many know that they can take an early withdrawal to buy a house but one little mistake could cost you an IRS penalty.
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an average house in the Bay Area is $1,200,000. That $10,000 doesn't help much lol
Ridiculous that 10k is the maximum, god forbid you want a down payment on a home, it's not 1960…
Yo!! First video I saw when he did the 4 with 4 fingers… I wasn’t mature enough to handle it, but NOW!!! I’m all the way with it!! That shit dope!!! Keep going man! And help me learn how to deal with my money! Thanks!!
can we buy the first house in some other country?
can it be an airstream?
These rules suck.
Can I use the $10k as a down payment for acquiring a rental property? I’ll have more excess cash of course, but I want to be able to rent out the property to pay off the loan and generate cash flow.
I just noticed your right hand and I've watched this video 3 times. Good one.
Thanks so much
Can you help with the following scenario? If you are over age 70 and used IRA to buy house because you can't qualify for mortgage loan because spouse has mental illness and both living on SS, do you have to pay taxes? This is after moving to WA, which doesn't have state income tax.
You technically can do it for your buddy down the street if you just marry them first 🙂
I know you pay taxes but do you have to pay any fees for taking out those $10,000?
I only subscribed cuz thats a cool chalk board thing
I've been watching several of his videos and just realized he's missing a finger on his right hand. That tripped me out
What if I have a SEP and a Roth and a 401k?
Does the Roth IRA have to be 5 years old?
Great video!
Hi Jazz that 120 days works(also penalty free) If i take out money in Dec and use in next year Jan(down payment)?
These rules are only for traditional IRA. With a Roth . You can pull withdraw your ROTH contribution anytime without penalty !
Another question I think I know this answer but Ill ask. Can I take 10k from a Roth and 10k from traditional
Here's my question I haven't watched the video all the way through so maybe it's in here but say I take out all my contributions of 10k then I want to take out more but it was all earnings from my stocks can I take another 10k out after that no penalty of earrings?
Wow, didn't know this