my son purchased a home in 04/06, he then renovated the home, using a credit card, in 2007 he decided to withdraw money from his 401 retirement, and pay off the credit card balance. can he avoid paying the 10% penalty imposed by irs or did he wait to long? The exclusion of $10,000 for [...]

I withdrew $10,000 from my 401k to purchase a home, but I closed on may of 2009. Since the purchase did not occur until 09 I paid the 10% tax penalty plus taxes for the 401k distribution on my 2008 income tax return. Can I amend my 2008 return to avoid the penalty? The money [...]

I recently starting closing on a home purchase just prior to being activated for a two year active duty deployment – what are my options as far as giving power of attorney to a family member or friend that lives in the area to finalize the home purchase? Is this going to be a nightmare [...]

I’m considering transferring my RRSP funds to a 5 year GIC RRSP within my banking institution. The interest rates are simply much higher than my RRSP. My intent is to use this money towards a home purchase in 2 to 3 years and I was wondering if there is any disadvantage or tax penalty involved [...]

If I take out 100K from my 401K to use as a down payment for my primary home purchase, how much tax do I have to pay. Some say only 10% because it is a ‘hardship’ distribution. Its this true? Or is this 100K distribution going to add to my anual gross salary and then [...]

I’m a tard and didn’t add a copy of my Home purchase settlement statement to my federal tax return and I mailed it… I’m sure this is going to make it take twice as long now, but does anyone know if I can send it to them now? or do I, or should I, wait [...]

Can we back out on a home purchase deal without losing our $20,000 deposit.We have just found out that there is a serious leaking problem in the apartment building right before the completion day! It depends on your contract and your inspection period. Usually you can only get out based on defects within a preset [...]

When my wife and I got married 9 months ago we each owned separate property. The home I own is in the process of foreclosure. My wife is currently in escrow to purchase a new home. However, since we live in California, a community property state, both of our names will be listed on the [...]