Level 15
03-12-2024
01:32 PM
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If they didnt use it to purchase the house, no 5329 is involved. Its all taxable and subject to penalty.
I personally was audited in 2004 for using IRA money for first time home purchase and had to send all my closing docs showing that I really did buy a house...so it does happen!
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪