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Tax on Capital Gains for Home Purchase

I sold shares of a mutual fund & other stocks in order to put a down payment on a first-time home purchase. Do I still have to pay capital gains tax on those investments even though the $$$ was invested straight into a home?

Yes. If the funds were sold in a taxable account, you will still pay tax on the capital gains. If that money was in a IRA, then it will be taxed at the regular income rate but you will not have to pay the 10% penalty. In this case you can pull out a maximum of $10,000. If it was in a Roth IRA and you have held it for 5 years then you can pull out the principal tax free.

Wiser Wealth Management, Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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