kastnna wrote:

- quote -

No, its my second......

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Is it the first home you've ever purchased?

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I am self employed, and am having some difficulty deciding
if I should sock away any money for retirement this year. I
currently have 15K or so sitting in a savings account, and
was considering doing a SEP or Simple IRA so I could lower
my tax liability. However, I would like to keep as much
liquid as possible, as I intend to build a house this year.
My question is, can I pay taxes on that $$ this year, and
then claim it next year if I have money left over from the
house being built (assuming I use an investment instrument
that has higher contribution limits)?

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >