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Qualified Acquisition Cost
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Qualified Acquisition Cost
An early withdrawal from an IRA that is used to buy or build a home and/or to pay appropriate closing costs. While early withdrawals are usually subject to penalties and/or excise taxes, qualified acquisition costs are exempt from both of these.
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The distribution must be used within 120 days for qualified acquisition costs of the principal residence of a first-time homebuyer.
Breaking up: income tax aspects of retirement plan divisions by Foss, Mary Kay / California CPA
DISTRIBUTION FOR FIRST-TIME HOME PURCHASE The 10% penalty doesn't apply to a "qualified first-time homebuyer distribution" from an IRA (section 72(t)(2)(F)) if the distribution is used within 120 days of its receipt to pay qualified acquisition costs associated with the first-time purchase of a principal residence.
Withdraw without penalty: do your clients rate an exemption from the ... by Knight, Ray A. / Journal of Accountancy
The term "qualified acquisition costs" means the costs of acquiring, constructing or reconstructing a residence; qualified acquisition costs include any usual or reasonable settlement, financing or other closing costs.
Early withdrawals from Roth IRAs are deceptively complex by Devine, Wendy S. / The Tax Adviser
 
 
 
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