What Is a First-Time Homebuyer?
You or your spouse can't have owned a home for two years prior to purchasing the home you're now acquiring if you're looking to take an early IRA distribution without penalty. The "date of acquisition" is defined as the date you sign a contract to buy the property, or the date on which construction or reconstruction of a home begins.
Original Article Source Credits: The Balance , https://www.thebalance.com/
Article Written By: DANA ANSPACH
Original Article Posted on: September 17, 2020
Link to Original Article: https://www.thebalance.com/first-time-home-buyer-definition-varies-by-program-2388643