If both spouses qualify as first-time homebuyers and have their own IRAs, they can each withdraw $10,000, for a combined total of $20,000 .
Using an Individual Retirement Account (IRA) to purchase a home is primarily enabled by the , which allows you to withdraw up to $10,000 penalty-free before age 59½. The First-Time Homebuyer Exception using ira to buy home
The tax treatment of your withdrawal depends heavily on the type of account you hold. Can you use money from your IRA to buy a house? - Bankrate If both spouses qualify as first-time homebuyers and
Once withdrawn, the funds must be used for home-related costs within 120 days . If the deal falls through, you can re-contribute the funds within that same window to avoid penalties. Traditional vs. Roth IRA Comparison Can you use money from your IRA to buy a house
There is a $10,000 lifetime limit per individual.
While the name implies a one-time use, the IRS defines a "first-time homebuyer" as anyone who has not owned a primary residence at any point during the ending on the date of the new home acquisition.