IRA

Forum|Forum|5 years ago
April 6, 2021
7 replies
13 views

My client was married and was co-signer with her husband on the house, now she is single, withdrew some money from her IRA account and used as down payment towards the house she bought. Will this be considered first time home buyer? Her realtor told her that she does not have to pay the extra 10% penalty, she is only 52.

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Just-Lisa-Now-

Intuit Community Champion

does she still own the house with the ex?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

C

chimnu786Author

Level 2

No they are divorced. Her name is not on his house papers anymore.

IRonMaN

Level 15

"Her name is not on his house papers anymore."

So this isn't the first home she bought?

Slava Ukraini!

J

jeffmcpa2010

Level 10

You used the term "Co-Signer" which is normally not an owner, but an additional guarantor of a debt.

Is this the correct term or was she actually a "Co-Owner and Co-Borrower".

This might be a case where the difference in the above terms matter.

(EDITORIAL COMMENT) Realtor's (And many other professions) should not give tax advice. If you accept tax advice from one, make sure to get it in writing, so their liability insurance will pay when the advice turns out to be incorrect. Especially when they are giving the advice in a manner to entice you to enter a transaction.

IRonMaN

Level 15

Hopefully the realtor checked with his barber before he gave that advice 😬

Slava Ukraini!

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