IRA Penatly Exclusion for "first time home"

Mar 01, 2014 2 Replies

Does the exclusion of up to 10K lifetime apply at any time in the life of your first home?



In other words, if I take out money to do some major repairs on my first, only home that I purchased 20 years ago, am I still allowed to use the exclusion to avoid the 10% penalty?


No, it's for purchase only.

Ah... so "for first time purchase or rebuild..." means all at the same time then.

That's different :-)

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