Looking for Roth IRA Advice

[Jesse R.]

Can anyone direct me or tell me if I can take money out of my Roth IRA and invest it into buying a house?

[George Blower]

@Jesse R.

1. You can distribute the basis at anytime tax and penalty free. 

2. If you are a first-time home buyer, in addition to being able to distribute the basis tax and penalty free, you can withdraw a maximum of $10,000 in earning penalty free but taxes still apply.

3. On the other hand , if you are seeking to invest your Roth IRA in real estate where the property is owned by the Roth IRA but you cannot live in it, this can be done under a self-directed Roth IRA or an IRA LLC.

[Jesse R.]

Hey George,

Thanks for the sound advice. Can you please tell me how I can begin the process of pulling my money out tax free? Thanks.

[George Blower]

@Jesse R.

You will need to coordinate this with your ROTH IRA provider as they will provide the necessary forms which you will want to run by your tax professional.