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
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
A lifetime $10,000 limitation is imposed "for qualified acquisition costs.
Impact on divorce taxation issues of the Taxpayer Relief Act of 1997
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