Quote:
Originally Posted by TSO/ISPF
We will have our house on the market before we close on the new house. I will take the money a day or 2 before we close on the new home. My wife has an IRA we can use to extend the time to 120 days. If it takes that long to sell our existing home, then We will sell some taxable positions or use Roth to repay the loan to
her IRA. Sound feasible ? Bridge loan would be 3.5 to 4.5K to get at 9 percent interest only. Would like to avoid spending money on a loan if we have it in the bank. Trying to avoid the capital gains taxes or using Roth money but that's what it's there for. Probably should speak to a PRO. It does seem as though there are some pretty knowledgeable people on this Forum.
I believe the IRS defines this as an indirect rollover.
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Sounds like a well thought out plan to me. But I need to point out my hat does not read "Pro".
Good luck.