What do I need to consider for this down payment?

[Account Closed]

Hi,

I'm looking into placing an offer on a ten-unit building and best way for me to acquire enough money for the down payment is to cash out my 401K, my Roth IRA, and both of my wife's, too. I realize there will be early withdrawal penalties.

I'm hoping I can withdrawal the money without upfront penalty and be able to pay the taxes next April.  Does anyone have experience with this?  I'd appreciate tips and advice.

Thanks in advance.

[Jeff Rabinowitz]

Some custodians or administrators will withhold some funds to cover the penalties and tax liabilities. The only way to know the policies of the administrators you are dealing with is to ask them.