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Buying a Home

FIRST TIME HOME BUYER

Do you have a traditional IRA?  Do you own a home?  Do you want to own a home? 

Well, here is some information that might be of interest to you, especially if you are confused by the term "First Time Home Buyer."

For IRA distribution purposes, this term does NOT mean the taxpayer has not owned a home before the
distribution date.  The requirement states that you and your spouse have not owned a home in the last two years ending on the purchase date.  In this case, you would qualify for a penalty exception of distributing up to $10,000 from your
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