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If i remove money from a ira account to purchase a new home , do i owe taxes on that amount?

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You can withdraw a maximum of $10,000 from your IRA without being imposed the 10% early withdrawal fine if the money is used for your first home. For the bad news, you will still be obliged to taxes on the withdrawal since the IRA was financed with pre-tax dollars and has probable appreciated since the account was originally funded.

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Depends if the funding for your IRA has been taxed previously or not.

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If it is a Roth, you paid the taxes.

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