akaron[at]attglobal.net (ak) writes:

- quote -

Down payment and closing costs. See Publication 590.

Phil Marti
Topeka, KS

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

I recently took an IRA Distribution of $10000 to purchase my
first home. I was told by my banker that I did not actually
have to use the $10,000 for a down payment to receive the
10% penalty exemption, I only had to use those funds within
120 days on expenses related to the purchase of that first
home.

If he was in fact accurate, My question is what expenses can
these be. Can I count furniture purchases toward the first
time home purchase if I purchased the furniture within 120
days of purchasing the home, etc... (paint, tiling,
landscaping, etc.)

Thanks!

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->