Early IRA withdrawl for commercial property down payment.
I have a question about penalties for early withdrawal of part of my IRA for a commercial property purchase. What are the penalties for early IRA withdrawal? Can I write off the down payment of a business property purchase on my taxes, to help offset the penalties? We are currently renting for our business location, and our lease will be up soon. We are looking at some commercial property for sale, and wanted to look into the possibility of buying rather than renewing our lease. We don't have a lot of cash flow, so thought we might be able to use my personal IRA for the down payment. Is this a good idea? Any advice or help is greatly appreciated.
Last edited by tonyg : 10-29-2016 at 06:02 PM.
Reason: Make it easier to understand.