North Fort Myers, FL asked in Real Estate Law and Tax Law for Florida

Q: If I take out $200,000.00 from my retirement account to purchase/invest in a rental property.

Will I have to pay early withdrawal fees?

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2 Lawyer Answers
Barry W. Kaufman
Barry W. Kaufman
  • Jacksonville, FL
  • Licensed in Florida

A: This is not a legal matter. This is a question for the retirement account customer service folks.

Jane Kim
Jane Kim PRO label
  • Naples, FL
  • Licensed in Florida

A: Yes, there is an early withdrawal penalty unless you are very close to retirement then you should consult with an accountant because in certain situations you would not have to pay the penalty. And if you use it toward first time home buying, there is an exception to the penalty.

Good luck.

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