I cashed in my 401K to move and buy a house in another state, can I claim my down payment on my return to help. I paid the required taxes on the early withdrawal at the time of payout am I only supposed to pay the extra 10% at tax time. I also used this money to pay off my credit card debts, does that count??
Tracy L. Coenen is WalletPop's Tax Expert and Fraud Expert
Your down payment on a house is not a deductible item on your tax return.
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