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Updated almost 8 years ago,
Purchase Flip With 401k - Help!
So - I have a bunch of cash tied up in a property that is under contract. Supposed to close on Friday and the buyer is having marital issues. Might have to go back on the market.
In the interim - I am under contract on another property that I expected to purchase using the funds from the other property. I have plenty of funds in my 401k to cover. But I don't want to take the hit on the penalties to withdraw it. I have no concern doing the transaction within my 401k. I don't need the cash this new flip will produce.
Now my question - how do I do this? Who do I consult with on the rules of the road? My tax guy? A financial planner? Do I need a company that facilitates the transaction? Help me out!
Thanks!
Michelle