First Time Home Buyers

[Treasurehunt1]

Are retirement funds used to purchase a first home tax deductible?  Also, does it matter if it is a total purchase or down payment?

Thank you,

[sjrcpa]

No and it doesn't matter.

[Just-Lisa-Now- · Accepted solution]

The first $10,000 might be able to have the 10% penalty for early withdrawal excluded if if its an IRA...but its all taxable.