lazygood4nothinbum
Thinks s/he gets paid by the post
- Joined
- Feb 27, 2006
- Messages
- 3,895
i'm pretty sure this isn't how you all play with money but maybe someone here has an answer.
i've got two ira's and a temporary cash flow problem.
the problem is my car lease is up in april. i can only extend it for 2 months. i'd like to buy new car with proceeds from inherited house but it could take a year to sell in this market. i'd rather not pay income tax on money i otherwise could withdraw from ira to buy car.
i think i understand that i can borrow from an ira tax & penalty-free if i return the money within 2 months. question: can i borrow from my ira for two months and then pay it back with a loan from my inherited ira and then pay that back within two months from other funds, thus giving myself another 6 months before i'd have to pay either income tax or interest on money for the car so that if the house sells by then i might possibly avoid those extra costs entirely?
yes, i know, i'm temporarily living above my means but only because my means aren't quite liquid right now. anyway, will this boat float?
i've got two ira's and a temporary cash flow problem.
the problem is my car lease is up in april. i can only extend it for 2 months. i'd like to buy new car with proceeds from inherited house but it could take a year to sell in this market. i'd rather not pay income tax on money i otherwise could withdraw from ira to buy car.
i think i understand that i can borrow from an ira tax & penalty-free if i return the money within 2 months. question: can i borrow from my ira for two months and then pay it back with a loan from my inherited ira and then pay that back within two months from other funds, thus giving myself another 6 months before i'd have to pay either income tax or interest on money for the car so that if the house sells by then i might possibly avoid those extra costs entirely?
yes, i know, i'm temporarily living above my means but only because my means aren't quite liquid right now. anyway, will this boat float?