Can I use more than one IRA to buy a new house?

May 02, 2009 1 Replies

There is a rule that allows one to withdrawl from their IRA up to $10,000 for a "first-time buy" of a house. I understand that it is limit to "once in a lifetime" thing.



My question is this: Is it $10,000 total no matter how many IRA's one has, or if one has two IRA accounts (one being a Rollover amd the second one antraditional active one from my current employee), can I do $10,000 from each one?



Please advise.


Although you may, like myself, have several different IRA accounts, it's all just one big ole IRA to the IRS. So, only one $10,000 may be withdrawn and escape the 10% penalty.

ChEAr$, Harlan Lunsford, EA n LA

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