Selling and Buying Using Retirement Funds!

Profile picture for phaedrusandres1
I am looking to move out of my current home, we downsized a couple of years when the kids left for college. Now, 2 are gonna do a masters and wanna need a place to sleep in. Also, the apartment me and my wife rented has proven too small for our friend get togethers. I am looking to sell the apt, and purchase a moderate home using funds from an IRA. My question is which IRA should i use a roth or rollover so that the funds when they come out do not count as taxable income? My son believes that it is a rollover IRA, which the government allows you to use purchase a home.  
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November 21 2010 - Framingham
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Answers (2)

Profile picture for Medfordhouse
You should consult your tax preparer/CPA or real estate attorney to review your situation as well as a mortgage professional to go over your short term plans & longer term plans as to which product to use as well as the guidelines for each mortgage program. If you use the wrong IRA you could get into some tax issues. Best to hear from an authority that's also knowledgeable about your personal business. Also you'll want to find out what the market is like for the current property you'll be looking to either sell or rent out & how that would affect your timeline for what you're looking to do.

Hope that helps,
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November 21 2010
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http://moneycentral.msn.com/content/investing/realestate/p118123.asp
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November 21 2010
 

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