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Updated over 5 years ago,

User Stats

19
Posts
7
Votes
Curtis Chism
  • Realtor
  • San Diego, CA
7
Votes |
19
Posts

Using IRA First Time Home Purchase Withdrawal for Remodel Work

Curtis Chism
  • Realtor
  • San Diego, CA
Posted

I have an opportunity to purchase a house that just needs some flooring, paint, and appliances to finish it up. It's been more than 2 years since I owned a home. I may pull some money from IRA using the first time home buyer exemption to avoid the 10% penalty tax. Is it possible to use those funds towards completing the remodel? I read a couple blogs that said it can be used towards building a house and remodeling but I can't find anything from the IRS specifically addressing this. Thanks for your help.

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