Jeffrey said...
Dear Mr. Asraf,
I have a super-specific tax question that I haven't been able to answer:
A first-time homebuyer can put an untaxed distribution of up to $10,000 from a Roth-IRA toward the purchase of a primary residence, within 120 days of distribution. The question I have is: Must the purchased home be in the United States of America? I have yet to see any restriction on the national location of the purchased property, but, before I go moving my savings around, I want to make sure that this isn't an unspoken restriction. Do you happen to know? Strange and precise question, I know....
grüße
Jeff
Tuesday, June 1, 2010
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2 comments:
Dear Jeffrey, thank you for visiting our blog with your tax related question.
The $10,000 allowed amount you are referring to can be withdrawn from your retirement account to purchase your First Home or your Primary residence. As a US Citizen you are required to disclose all your income from all your sources even income from foreign sources. Although, we want to answer your questions, there are many other factors and question that needs to be answered before your issue is addressed, therefore, we would advice you to consult a local tax practitioner who can address your question in detail.
Good luck,
Web Tax Office Team
we are an llc filing as a partnership. we purchased two homes for resale. The deposits on the sale of the homes were forfeited so we rented them instead. I assume the deposit is ordinary income but where on the 1065 do I report this. I am reporting the rental income and expenses on the 8825. Also were would the LLC formation expense be reported
Thank you for your assistance
Diana
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